For the first time in its history, General Motors (GM) plans on investing around $30 billion into electric vehicle development and production. Many investors welcome the changes the General Motors is making. Since the beginning of the year, GM shares are up more than 50%.
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On Tuesday, shares of General Motors (GM) closed at $61.94 after gaining 1.47%. A total of 39.3 million shares were traded, which was more than the average daily volume of 23.64 million shares within the past 50 days. GM shares rose by 243.35% over the past year, and they have moved up by 10.73% over the past week. The stock has gained 52.9% over the past three months, while it’s up 103.5% in six months. The General Motors has a current market capitalization of $88.73 billion, and its number of outstanding shares was 1.44 billion.
General Motors has established a 2035 plan to phase out gasoline and diesel cars and light trucks. The plan involves up to 27 billion dollars. These investments are meant to facilitate the first phase of the transformation, expected to be done by 2025.
General Motors (GM) said in early March 2020 that they were planning to build a second battery plant in the United States. Specifically, SolidEnergy Systems (SES) will partner with the General Motors to create an innovative battery with increased range.
General Motors and SES have announced they will begin production on a battery line in Massachusetts, which is to be able to produce a high-capacity battery before mass production by 2023. SES can significantly improve energy efficiency and decrease energy costs. The new battery can deliver a range of more than 700 kilometers without having to re-charge. Overall, General Motors at present owns more than 40 patents for works involving lithium-ion batteries.
In contrast, Tesla Inc.’s success (TSLA) has caused automakers to rethink their strategies. General Motors (GM) is moving away from gasoline and diesel cars in favor of electric vehicles. Investors changed their attitude thus, re-evaluating General Motors as a viable, future-oriented organization.