- General Motors continues to approach a market valuation of $100 billion after the automaker’s shares hit new record highs on Wednesday.
- GM’s gains come as shares of new public electric vehicle start-ups Rivian and Lucid Group lost steam after an extraordinary double-digit runup in the past week.
- GM is currently picking up the pre-production GMC Hummer EV at the plant. Customer deliveries are expected to start soon.
DETROIT – General Motors continues to approach a $100 billion market valuation after the automaker’s shares hit record highs on Wednesday.
GM’s gains come as shares of new public electric vehicle start-ups Rivian and Lucid Group, which surpassed GM in market cap on Wednesday, lost steam after an extraordinary double-digit runup over the past week.
GM is celebrating the opening of its first dedicated electric vehicle plant in Detroit. GM CEO Mary Barra rang the opening bell from the facility earlier on Wednesday; President Joe Biden will visit the plant in the afternoon.
GM is currently making pre-production GMC Hummer EV pickups at the plant. Customer deliveries are expected to start soon.
As of 11 a.m., GM’s stock was up $64.69 per share, up more than 3% and its highest price since bankruptcy in 2009. The company’s market cap was approximately $94 billion.
Shares of Rivian, which made its public debut last week, fell as much as 18% on Wednesday, wiping away billions of dollars in market cap. Its market value of about $128 billion is well above that of GM and Ford Motor, but well below Tesla, which grew to more than $1 trillion this year.
Lucid stock was somewhat volatile on Wednesday morning, falling as much as 5% and up as much as 4%. The company’s market cap is around $87 billion.