GM stock value is on the rise today following the grand opening of the new GM Factory Zero plant in Detroit, the automaker’s first production facility exclusively devoted to assembling all-electric vehicles.
The GM Factory Zero plant, formerly known as Detroit-Hamtramck, is opening its doors following extensive renovations and $2.2 billion in investments from General Motors to build new all-electric vehicles at scale. The GM Factory Zero plant represents the largest single investment into a production facility in GM’s history. When fully operational, the facility is expected to employ more than 2,200 workers, roughly double the employees that worked at the facility prior to its retooling for EVs.
GM opened the Factory Zero facility today with plans to roll out the new 2022 GMC Hummer EV Pickup truck as the first model produced at the retooled plant. General Motors will also utilize the Factory Zero facility to produce Cruise Origin, GM’s fully autonomous ride-sharing EV, and the upcoming all-electric Chevy Silverado EV.
In the wake of rising GM stock prices, the automaker now approaches a $100 billion market valuation. The rising stock prices also follow investor enthusiasm for other all-electric vehicle producers, including Rivian, which had one of the biggest U.S. IPOs in history last week, topping out at market value of more than $100 billion. Rivian stock value was down for the day, falling more than 17 percent as of this writing after a dramatic rise last week.
To celebrate the opening of the new GM Factory Zero facility, General Motors CEO Mary Barra rang the NYSE opening bell from plant floor Wednesday morning. President Joe Biden is scheduled to tour the facility this afternoon.
GM Stock value previously hit a record high of $64 per share the second week of June, marking a new high for the “new GM” following a considerable rise in stock value in April driven primarily by the announcement of the all-electric Chevy Silverado EV.