General Motors shares hits record on news of their electric Silverado pickup

Investors like EVs....which means that's going to be the focus of car companies now. ICE vehicles will not receive as much investment from the big automakers.

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GM shares hit new record on plans for electric Chevy Silverado pickup

CNBC

DETROIT — Shares of General Motors closed at a new record Tuesday after the automaker confirmed plans to produce an all-electric Chevrolet Silverado pickup at an assembly plant for EVs that’s under construction in Detroit.

The automaker’s stock closed up 1.5% at $61.94 a share, setting a new closing record, after hitting an intraday high of $63.44 earlier Tuesday. Both the closing and intraday prices were all-time records since the automaker emerged from bankruptcy at the tail end of the Great Recession and started publicly trading again in 2010. GM’s market cap is $89.25 billion.

The performance of GM’s stock this year, up roughly 50%, has been driven by a steady array of announcements related to electric vehicles. It’s also validating comments made last month by GM CEO Mary Barra about the stock’s future potential.

“I think as the market begins to see all of the assets and resources General Motors brings to this transformation, I think we’re just at the beginning of where you’ll see GM’s stock move,” she said in an online discussion March 11 during The Economic Club of New York’s Women in Business event.

The electric Silverado is part of a previously announced $2.2 billion investment in the plant to produce an array of its next-generation EVs beginning later this year with an all-electric GMC Hummer pickup. Other planned vehicles for the facility include the recently unveiled Hummer EV SUV and an autonomous multi-passenger shuttle known as the Cruise Origin.

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This thread is about how automakers are being rewarded by investors for focusing on electric vehicles. But there is more about the EV Silverado here:

LINK

Turns out they've been working on it for a while. 400 miles of range and the same hardware that's going in the Hummer EV, Cadillac Lyriq, etc. GM is also going to build vehicles on this chassis with the Ultium battery system for Honda and Acura starting next year.

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General Motors just confirmed it’s making an all-electric version of the Chevy Silverado pickup truck, the company’s bestselling vehicle. The new truck will be powered by GM’s new EV battery and will offer around 400 miles on a full charge.

The company did not immediately say when the electric Silverado will go on sale, but GM president Mark Reuss said at an event on Tuesday that the company will also make commercial fleet-focused versions of the truck. GM has been teasing an electric Silverado for months now.

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The truck was spotted in the background of a press conference 3-4 months ago: