GM shares hit record high as automaker celebrates Hummer EV production

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DETROIT – General Motors is steadily approaching a $ 100 billion market valuation after the automaker’s shares hit record highs on Wednesday.

GM’s gains came as stocks of newly listed electric vehicle startups Rivian and Lucid Group, which briefly outperformed GM in market capitalization on Wednesday, lost momentum after exceptional double-digit starts last week.

GM celebrates the opening of its first own electric vehicle plant in Detroit. GM CEO Mary Barra rang the facility’s opening bell earlier on Wednesday; President Joe Biden will tour the plant that afternoon.

GM is currently manufacturing pre-production GMC Hummer EV pickups at the factory. Deliveries to customers should begin shortly.

Production is now set to begin at the former Detroit-Hamtramck assembly plant, less than two years after GM announced a massive $ 2.2 billion investment to fully renovate the facility to build a variety of all-electric trucks and SUVs.

Photo by Jeffrey Sauger for General Motors

GM stock closed Wednesday at $ 64.61 per share, up 3.2% and its highest price since bankruptcy in 2009. The company’s market capitalization is approximately $ 94 billion.

Rivian shares, which made their public debut last week, closed at $ 146.07 on Wednesday, down 15.1%, brushing billions of dollars in market cap. Its market value of about $ 125 billion is way above GM and Ford Motor, but below Tesla, which rose to more than $ 1 trillion this year.

Lucid stock closed Wednesday at $ 52.55 per share, down 5.4%. The company’s market capitalization is approximately $ 85 billion.

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