GM stock value surged on Tuesday, reaching a new high of $48.95 as of this writing, a record for the “new GM.”
The rise in GM stock value coincides with a variety of future-leaning reveals and debuts for the automaker at the ongoing Consumer Electronics Show (CES) technology conference.
One of the debuts includes the reveal of BrightDrop, a new business venture focused on building battery-driven delivery solutions and commercial products. The new division will offer a raft of new vehicles, creating “an ecosystem of electric first-to-last-mile products, software and services to empower delivery and logistics companies to move goods more efficiently,” per a company press release.
The new business seeks to unlock business-to-business solutions through expansion of General Motors’ various all-electric vehicle technology, including the Ultium platform, as well as software and service opportunities.
BrightDrop’s firs product to market will be the EP1, a propulsion-assisted electric pallet with a payload capacity of 200 pounds and adjustable speed up to 3 mph. Then there’s the EV600, a light commercial vehicle designed for delivery services packing up to 250 miles of range, 600 cubic feet of cargo space, and a variety of safety tech as well.
GM stock value was also undoubtedly bolstered by the reveal of several future concept vehicles, such as the Cadillac Personal Autonomous Vehicle, a self-driving luxury robotaxi similar to Cruise Origin, and the Cadillac Vertical Take-off and Landing drone, a single-seater electric helicopter running autonomous flight technology.
General Motors also reiterated its commitment to EVs, and continued development of its next-generation Ultium batteries.
The variety of concepts and product debuts at CES isn’t the only thing to propel the rise in GM stock value. Last week, General Motors also unveiled a new corporate logo, which includes lowercase script and a square border designed to look more modern and to recognize GM’s renewed focus on EVs. Furthermore, GM recently launched a new marketing campaign titled “Everybody In,” which seeks to promote the automaker’s range of upcoming electric models.