GM shares hit new record on plans for electric Chevy Silverado pickup

The unique 2019 Chevrolet Silverado 1500 makes its professional debut at the 2018 North American World Auto Disguise January 13, 2018 in Detroit, Michigan.

Bill Pugliano | Getty Photos

DETROIT — Shares of Total Motors closed at a unique yarn Tuesday after the automaker confirmed plans to derive an all-electrical Chevrolet Silverado pickup at an assembly plant for EVs that is below constructing in Detroit.

The automaker’s stock closed up 1.5% at $61.94 a half, atmosphere a unique closing yarn, after hitting an intraday high of $63.44 earlier Tuesday. Both the closing and intraday prices possess been all-time records since the automaker emerged from financial atomize at the tail quit of the Ample Recession and started publicly shopping and selling again in 2010. GM’s market cap is $89.25 billion.

The efficiency of GM’s stock this year, up roughly 50%, has been pushed by a smartly-liked array of bulletins associated to electrical automobiles. It be moreover validating comments made final month by GM CEO Mary Barra about the stock’s future capability.

“I mediate as the market begins to search for the total sources and sources Total Motors brings to this transformation, I mediate we’re comely at the starting assign of where you might per chance search for GM’s stock switch,” she acknowledged in a web discussion March 11 for the length of The Economic Membership of Original York’s Females in Trade tournament.

The electrical Silverado is fragment of a previously announced $2.2 billion investment in the plant to derive an array of its subsequent-generation EVs starting assign later this year with an all-electrical GMC Hummer pickup. Other planned automobiles for the skill consist of the no longer too prolonged ago unveiled Hummer EV SUV and an self sustaining multi-passenger shuttle is known as the Cruise Starting up assign.

The 2024 GMC Hummer EV SUV and 2022 GMC Hummer EV sport utility truck, or SUT.

GM

Confirmation of the Silverado EV got here days after the automaker unveiled a unique SUV version of its upcoming GMC Hummer EV.

Earlier this year, the firm moreover announced a unique all-electrical commercial automotive division known as BrightDrop. It moreover announced plans to exclusively provide electrical automobiles by 2035.

The unique automobiles are fragment of GM’s idea to release 30 unique EVs globally by 2025 below a $27 billion investment in electrical and self sustaining automobiles for the length of that point physique. The firm plans to promote as a minimal 1 million EVs yearly by then.