GM shares hit a new record in plans for an electric Chevy Silverado pickup truck

DETROIT – shares of General Motors hit a new record in intraday trading Tuesday after the automaker confirmed plans to produce one fully electric Chevrolet Silverado pickup at an electric vehicle assembly plant under construction in Detroit.

GM’s stock rose 3.9% to $ 63.44 per share on Tuesday, beating the automaker’s previous intraday high of $ 62.24 hit last month. It’s the highest GM stock traded since the automaker went bankrupt in 2009.

The company’s shares traded around $ 62.20 on Tuesday afternoon, up around 2%. The stock is up about 50% so far this year. GM’s market capitalization is around $ 90 billion.

GM stock performance this year has been driven by a steady string of announcements related to electric vehicles. It also confirms comments GM CEO Mary Barra made last month about the stock’s future potential.

“I think as the market begins to see all the assets and resources that General Motors brings to this transformation, we are at the beginning of the movement in GM stock,” she said during an online discussion with the Economic on March 11th New York Women in Business Club event.

The electric Silverado is part of an already announced one Investment of $ 2.2 billion at the facility to produce a line of next-generation electric vehicles starting later this year with an all-electric GMC Hummer pickup truck. Other vehicles planned for the facility are the recently unveiled Hummer EV SUV and one autonomous shuttle for several passengers known as the cruise origin.

The confirmation of the Silverado EV came days after the automaker presented a new SUV version of his upcoming GMC Hummer EV.

Earlier this year, the company also announced a new all-electric commercial vehicle division called BrightDrop. It also announced plans only offer electric vehicles by 2035.

The new vehicles are part of GM’s plan to bring 30 new electric vehicles to market worldwide by 2025 an investment of $ 27 billion in electric and autonomous vehicles during this period. Until then, the company plans to sell at least 1 million electric vehicles annually.