General Motors Company (NYSE: GM) shares set new intraday and closing records Tuesday.
What Happened: The Detroit-based automaker’s shares ended the regular session 1.47% higher at $61.94, which is a level never before reached. On an intra-day basis, GM’s shares reached $63.43, an all-time high.
In the after-hours session, the shares rose another 0.26% to $62.10. The total gain in the two sessions was 1.73%.
GM shares have risen 48.8% so far this year and 190.8% on a net basis over a period of one year.
The spike came after the automaker introduced a Silverado electric truck, which will be built at the company’s assembly plant in Detroit and Hamtramck, Michigan.
Why It Matters: In January 2020, GM had announced a $2.2 billion investment in the Detroit-Hamtramck assembly plant. The automaker calls this plant “Factory ZERO.”
The GMC Hummer EV pickup and the Cruise Origin, an all-electric and share self-driving vehicle, will also be built at the same facility, according to GM.
The Hummer EV, launched in October 2020, attracted high interest for its Edition 1. Reservations for the $112,595 truck were full at launch.
See Also: General Motors To Offer Only EVs By 2035
GM may be a likely partner for Apple Inc (NASDAQ: AAPL) in its rumored electric vehicle foray, according to an analyst who regularly covers the Cupertino, California-based tech giant.
Click here to check out Benzinga’s EV Hub for the latest electric vehicles news.
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