GM stock hits record high as automaker celebrates Hummer EV production

DETROIT – Common Motors is steadily approaching a $100 billion market place valuation immediately after shares of the automaker arrived at a record superior on Wednesday.

GM’s gains occur as shares of recently general public electrical car start off-ups Rivian and Lucid Team, which briefly surpassed GM in market place cap Wednesday, lost steam adhering to amazing double-digit runups in the previous week.

GM is celebrating the opening of its 1st committed electric motor vehicle plant in Detroit. GM CEO Mary Barra rang the opening bell from the facility previously on Wednesday President Joe Biden will take a look at the plant in the afternoon.

GM is now creating pre-generation GMC Hummer EV pickups at the plant. Customer deliveries are expected to get started soon.

Generation is now established to get started at the previous Detroit-Hamtramck assembly plant, fewer than two many years following GM introduced the substantial $2.2 billion financial investment to absolutely renovate the facility to make a wide range of all-electric vehicles and SUVs.

Photo by Jeffrey Sauger for Common Motors

GM’s stock closed Wednesday at $64.61 a share, up by 3.2% and its greatest closing rate considering that emerging from individual bankruptcy in 2009. The firm’s market place cap is about $94 billion.

Shares of Rivian, which created its public debut last 7 days, shut Wednesday at $146.07, down by 15.1% and wiping away billions of dollars in market cap. Its current market worth of about $125 billion stays much earlier mentioned GM and Ford Motor, but underneath Tesla, which surged to much more than $1 trillion this 12 months.

Lucid’s stock closed Wednesday at $52.55 a share, down by 5.4%. The firm’s sector cap is about $85 billion.

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