The new 2019 Chevrolet Silverado 1500 makes its official debut at the 2018 American Auto Show on January 13, 2018 in Detroit, Michigan.
Bill Pugliano | Getty Images
DETROIT – General Motors shares hit a new high during intraday trading on Tuesday after the automaker confirmed plans to produce a fully electric Chevrolet Silverado pickup at an electric vehicle assembly plant being built in Detroit.
GM shares rose 3.9% to $ 63.44 a share on Tuesday, surpassing the intraday high of $ 62.24 it reached last month. These are GM’s highest shares that have traded since the carmaker went bankrupt in 2009.
The company’s shares traded around $ 62.20 on Tuesday afternoon, up about 2%. Shares have increased by about 50% so far this year. GM’s market cap is about $ 90 billion.
GM’s stock performance this year has been boosted by a steady stream of ads related to electric vehicles. It also validates comments made last month by GM CEO Mary Barra about the future potential of the actions.
“I think as the market starts to see all the assets and resources that General Motors brings to this transformation, I think we’re right at the beginning of the place where you’ll see GM shares move,” he said during an online discussion on March 11 with the Women in Business event at The Economic Club of New York.
The electric Silverado is part of an previously announced $ 2.2 billion investment in the plant to produce a series of next-generation electric vehicles that will begin later this year with a fully electric GMC Hummer pickup. Other vehicles planned for installation include the newly introduced Hummer EV SUV and a multi-passenger autonomous ferry known as the Cruise Origin.
The GMC Hummer EV 2024 SUV and the GMC Hummer EV 2022 or SUT sport utility truck.
GM
Confirmation of the Silverado EV came days after the automaker unveiled a new SUV version of its upcoming GMC Hummer EV.
Earlier this year, the company also announced a new all-electric commercial vehicle division called BrightDrop. It also announced plans to offer electric vehicles exclusively in 2035.
The new vehicles are part of GM’s plan to launch 30 new electric vehicles by 2025 with a $ 27 billion investment in electric and autonomous vehicles during that time period. By then, the company plans to sell at least one million electric vehicles annually.