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.
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Comments
Yeah! GM getting some love and attention from investors today…
Has GM stated when Hummer production is officially beginning? Everything I keep seeing is suggesting by the end of the year?
Deliveries by the end of the year, production has started is clear in the pictures. Reservation holders have been receiving calls this week to firm their orders.
All of that production is staged – they are built in ‘stalls’ by hand, this isn’t a line, despite all of these vehicles being staged in a line.
Don’t expect more than 5000 sales in 2021.
gm snagged 3 spots in car&driver’s 10 best. 2 blackwings and the c8. that must be some sort of record as far as recent memory goes.
That is impressive, the Blackings especially acing C & D chassis review.
I would sure hope that they get good ratings for cars hovering around the $100k mark. Now lets focus on making affordable cars get on that 10 best list.
They are getting good marks in a competition against cars much more expensive than they are. That really is the insane part. A 70,000$ car beating out a 130,000$ car is an insane accomplishment
It’s nice that they are opening the plant zero for GM . I can see the Hummers and all the new EV cars sucking up the chips that they should be putting in the trucks and cars that they’re building now . That is really not a very good plan on GM’s part . Because I think it’s going to bite them in the ass down the road . People need there orders filled without short changing them . They are not filling orders for people that ordered vehicles and people are not going to forget it so easily. So good luck GMC I don’t think you’re making the right move by screwing the customers you got now , you’ll regret it later!
Ya, Just think the 100 Hummers, they have built so far could have donated their chips for 1 hour or production at Flint, and GM could fall further behind in EV’s… Sure glad people like you are not calling the shots at GM or the stock instead of going “upnorth” would turn and go “downsouth”
Exactly. This is all for show. The battery factory in Lordstown isn’t even finished. The packs for these vehicles (picture) are being built elsewhere and shipped to GM in low volume.
Of course they won’t build Bolt batteries there. They don’t care when the poor customers that got screwed when they bought those defective, unsafe cars will be repaired.
Today Briggs and Stratton lawn mower engines are better than when the ICE engines started to dominate the market more than 110 years ago. EV is still in the learning and build out curve. How many years did it take for Tesla to start making a profit and able to build in the quantities promised. It was years and it started with poor fit and finish quality for the Model 3. Model X started relatively good and gave credence to the EV product. The world took notice and those that do not adapt will be out.