GM stock value is on the rise, crossing $60 per share today and reaching an all-time high for the “new GM.”
GM stock value hit a daily high of $60.12 per share, closing at $60.05 per share. Other noteworthy points include a new market cap of 86.53 billion, and a daily low of $57.15, with an open at $57.24.
The increase in GM stock value today follows an impressive 10-percent jump seen last week, during which GM stock value soared to a high of $59.62 per share before closing on Friday at $59.26, another all-time high for the “new GM.” Last week’s gains followed a five-percent gain the previous week, as well as consistent growth throughout January that elevated GM stock value above the $50 per share mark.
The impressive growth seen as of late is in spite of a global shortage in microchips, which has affected the entirety of the auto industry, including General Motors. In response to the shortage, GM has cut production and reduced vehicle options. GM is now building certain full-size pickups without AFM/DFM fuel-saving technology, as GM Authority covered recently.
Much of the growth in GM stock value in January is attributed to The General’s all-electric vehicle efforts, including new debuts released during the Consumer Electronics Show (CES). Among the automaker’s reveals was the launch of BrightDrop, a new business venture that will provide last-mile electric delivery solutions, software, and services. One of the first BrightDrop products to market will be the EV600, an all-electric light commercial van.
Earlier in the year, General Motors reported fourth-quarter earnings, beating Wall Street Expectations with $1.93 in adjusted earnings per share and $37.5 billion in revenue.