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GM stock investors enjoyed a profitable 2020 as the shares added approximately 52.86%
General Motors Company (NYSE: GM) stock closed yesterday trading at $51.04, up 3.45%. Meanwhile, GM stock had dropped approximately 2% during the pre-market session by now.
As the automotive industry evolves towards all-electric vehicles, General Motors has announced that it plans to fully offer all-electric vehicles by 2035. A move that will significantly bolster GM stock amid increased competition in the automotive industry.
Notably, the company is also morphing towards environmentally-friendly productions, which in turn adheres to the Biden administration’s climate protection measures.
“For General Motors, our most significant carbon impact comes from tailpipe emissions of the vehicles that we sell – in our case, it’s 75 percent,” GM CEO Mary Barra said in a message on LinkedIn. “That is why it is so important that we accelerate toward a future in which every vehicle we sell is a zero-emissions vehicle.”
GM stock investors enjoyed a profitable 2020 as the shares added approximately 52.86% during the year according to data provided by MarketWatch. Besides, GM stock has added approximately 47.81%, and 22.57% in the past three months and one month respectively. However, they have dropped approximately 7.87% in the past five days.
GM Stock amid EV Plans
In a statement, Dane Parker, GM chief sustainability officer, noted that the company anticipates being profitable through the transition to all-electric vehicles.
“We feel this is going to be the successful business model of the future,” Parker said. “We know there are hurdles, we know there are technology challenges, but we’re confident that with the resources we have and the expertise we have that we’ll overcome those challenges and this will be a business model that we will be able to thrive in the future.”
General Motors will be competing with well established electric companies including Tesla Inc (NASDAQ: TSLA), Nio Inc (NYSE: NIO), and Xpeng Inc (NYSE: XPNG). However, with a market capitalization of around $70.62 billion, and years of expertise in the automotive industry, General Motors is well-positioned to keep up with the competition.
GM stock investors remain optimistic about the long term capability of the company to deliver despite the ongoing low demand caused by the coronavirus pandemic. Notably, having been rated 18 times GM stock received an average of a Buy rating.
As a plan to slowly introduce competitive electric vehicles in the market, General Motors plans to release 30 new electric vehicles globally by 2025 under a $27 billion investment. In addition, the company anticipates producing a majority if not all of its luxury Cadillac vehicles by the year 2030.