By
Steve Muchoki
October 6th, 2023
Following all the announcements made at the CES event, General Motors stock rocketed. On Thursday, it hit a new record close, topping $50.
General Motors Co (NYSE: GM) is progressing in its innovations and joins the competition among EV makers. On Tuesday, General Motors held a CES technology conference, where its CEO Mary Barra laid out the company’s vision of its future with electric vehicle business, flying cars, and more. Following the event, GM stock soared.
General Motors to Work on Electric Vehicle
According to Mary Barra, General Motors is on the verge of a new era, as it begins a wholesale transition to electrification. The company has even introduced a new logo to mark the start of a new history.
Deborah Wahl, GM global chief marketing officer, stated:
“There are moments in history when everything changes. Inflection points. We believe such a point is upon us for the mass adoption of electric vehicles. Unlike ever before, we have the solutions, capability, technology and scale to put everyone in an EV. Our new brand identity and campaign are designed to reflect this.”
In addition, General Motors has already started rolling out the logo on its digital platforms. By the end of this year, the company will have it in use across its facilities and dealerships.
Further, General Motors has poured billions into EVs. The company is planning to deliver 30 new models globally by 2025. It’s part of GM’s $27 billion investment in electric and autonomous vehicles through then.
During the CES conference, GM CEO released some details regarding the upcoming EVs, specifically for its luxury Cadillac brand. In particular, the Cadillac Celestiq sedan will be a new flagship vehicle for the automaker with a personalized zone for each passenger. It will feature a new glass roof made of smart glass that allows each occupant to set their own transparency levels. Among other new models coming to US dealers are the Chevrolet Bolt EUV crossover, which goes on sale this summer, and the GMC HUMMER EV SUV that will come at the end of the year.
Another GM’s initiative in the EV industry is a new electric delivery van. The van is a part of a new GM’s business, BrightDrop, that focuses on deliveries and logistics, with FedEx among its first customers.
Furthermore, GM previewed an electric air taxi concept. The flying vehicle will operate autonomously without a pilot. It can hold one passenger and travel roughly 56 mph between rooftops and other urban destinations.
GM Stock’s Performance
Following all the announcements made at the CES event, General Motors’ stock rocketed. On Thursday, it hit a new record close, topping $50. It ended the trading session 5.75% up, at $51.53, and rose by 1.49% to $52.30 in the pre-market.
In the past 12 months, shares of GM have gained 46%. Therefore, some analysts have updated their rating on GM stock. For example, Argus analyst Bill Selesky raised his rating on GM stock from hold to buy. As he explained, the company continues to expand into electric and autonomous vehicles and benefits from “high margins” in North America as well as “solid cash flow and a strong balance sheet.”