GM stock value has seen some impressive movement recently, reaching a new high of $48.95 per share earlier this week, a record for the “new GM.” Now, it looks as though the upward momentum is continuing unabated, with GM stock value crossing $50 per share Thursday.
As of this writing, GM stock value reached a daily high of $51.69 per share.
Investor optimism has been running high since General Motors presented its electric vehicle ambitions and plans at the Consumer Electronics Show (CES). Chief among these was a variety of new EV concepts for the Cadillac luxury brand, including a single-seater electric helicopter piloted by autonomous technology, and the Cadillac Personal Autonomous Vehicle, a fully automated robotic taxi with a luxurious cabin space.
During the tech conference, GM also unveiled BrightDrop, a new business venture aimed at providing commercial products and delivery service solutions. BrightDrop’s first product to market will be an electrically assisted pallet called the EP1, which will feature a 200-pound payload capacity and adjustable speeds up to 3 mph. Also on the docket is the EV600, a light commercial delivery van running an all-electric powertrain with 250 miles of range, cutting-edge safety technology, and 600 cubic-feet of storage space.
General Motors has doubled down on its focus on EV and AV technology, pledging $27 billion in investments over the next several years. General Motors hopes to launch 30 new all-electric vehicles globally by the 2025 calendar year, two-thirds of which will be sold in North America.
“We are transitioning to an all-electric portfolio from a position of strength and we’re focused on growth,” said GM CEO, Mary Barra, last month in a prepared statement. “We can accelerate our EV plans because we are rapidly building a competitive advantage in batteries, software, vehicle integration, manufacturing and customer experience.”
Late in December, Morgan Stanley raised the GM stock price target from $53 to $57. Morgan Stanley Analyst Adam Jonas pointed to GM’s connected services portfolio and autonomous driver tech as drivers.