GM stock value rose to $65 per share following the opening.ĭuring the previous GM Investor Day event, GM announced several future plans regarding its business, strategy and products. GM CEO Mary Barra rang the NYSE opening bell from the factory floor the morning of the plant’s opening, and President Biden visited for a tour, driving the new Hummer. The first product rolling off the line is the 2022 GMC Hummer EV Pickup. It also stated that it is holding 25,000 reservations for the BrightDrop EV600 and EV410 all-electric commercial vans, along with 140,000 Chevy Silverado EV reservations and 70,000 GMC Hummer EV reservations. Additionally, GM has teased the new Chevy Corvette E-Ray hybrid, adding that a fully electric model will follow.īack in November of 2021, the automaker hosted the grand opening of its new GM Factory Zero production facility in Michigan, GM’s first dedicated all-electric vehicle assembly plant. GM has announced a fourth Ultium Cells battery plant and a third EV truck plant. GM is now shooting for EV production capacity greater than 1 million units. The investment is largest single investment in GM history, prompting responses from the White House, among other groups. General Motors continues to drive towards the mass adoption of all-electric vehicles, announcing a massive $7 billion investment for its Michigan-based production facilities, including $4 billion to convert the Orion Township plant for production of the new Chevy Silverado EV and Sierra EV, $2.5 billion for a third Ultium Cells battery plant, and a further $500 million to support production of the next-generation Chevy Traverse and Buick Enclave. As for GM’s autonomous vehicle efforts, the Cruise AV division reports a $500 million loss for Q2 of 2022. GM also said it has accumulated 150,000 reservations for the new Chevy Silverado EV. Department of Energy, while Cadillac indicated it may return to the Australian and New Zealand markets with its latest EV models. Ultium LLC is also set to receive a $2.5 billion loan from the U.S. senators have agreed to extend the EV tax credit. Other news includes the debut of the all-new 2023 Chevy Colorado, while on the EV front, U.S. Compared to the second quarter of 2021, these results represent a 40-percent downturn in income and 4.7-percent upturn in revenue. GM stock value increased again this week, marking the third week in a row for gains.įactors affecting GM stock value this week include the release of GM’s Q2 2022 earnings results, which were highlighted by $1.7 billion in income on $35.8 billion in revenue. By comparison, shares of GM’s crosstown rival, Ford Motor Company, were up 14.59 percent, increasing by $1.87 per share during the same timeframe.
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