The value of GM stock hit $63.44 per share on Tuesday, an all-time high for the “new GM,” before backtracking slightly to close the day at $61.94 per share. GM’s market cap is 89.25 billion, with a daily open of $60.50 per share and a daily low of $60.44 per share.
The rise in GM stock value was fueled primarily by the announcement of the new all-electric Chevy Silverado pickup truck. In a press release issued earlier Tuesday, GM confirmed that it was developing the new Silverado EV for production at GM’s Factory Zero assembly plant in Michigan, previously known as Detroit-Hamtramck.
The announcement follows the debut of the new 2024 GMC Hummer EV SUV over the weekend, introducing a fresh body style for the latest battery-driven Hummer lineup.
The new all-electric Silverado, possibly called Chevrolet Silverado E, will be based on a ground-up design specifically geared for all-electric power, with upwards of 400 miles per charge. Both retail and fleet versions will be available, with GM’s Ultium technology under the skin for motivation.
“The vehicles coming from Factory Zero will change the world, and how the world views electric vehicles,” said GM President Mark Reuss during the announcement of the new all-electric Chevy Silverado. “The GMC Hummer EV SUV joins its stablemate in the realm of true supertrucks, and Chevrolet will take everything Chevy’s loyal truck buyers love about Silverado – and more – and put it into an electric pickup that will delight retail and commercial customers alike.”
Last month, GM stock value crossed the $60 per share mark, following a 10-percent jump the previous week. GM stock value also saw consistent growth throughout January, breaking the $50 per share mark. Much of the growth in January is attributed to GM’s debuts at the Consumer Electronics Show, including a new business venture named BrightDrop, set to offer commercial last-mile electric delivery solutions, and two futuristic Cadillac concepts, including the Cadillac Personal Autonomous Vehicle and Cadillac Vertical Take-Off and Landing Vehicle.