DETROIT – General Motors is steadily approaching a $100 billion market valuation after shares of the automaker reached a record high on Wednesday.
GM’s gains come as shares of newly public electric vehicle start-ups Rivian and Lucid Group, which briefly surpassed GM in market cap Wednesday, lost steam following extraordinary double-digit runups in the past week.
GM is celebrating the opening of its first dedicated electric vehicle plant in Detroit. GM CEO Mary Barra rang the opening bell from the facility earlier on Wednesday; President Joe Biden will visit the plant in the afternoon.
GM is currently making pre-production GMC Hummer EV pickups at the plant. Customer deliveries are expected to begin soon.
Production is now set to begin at the former Detroit-Hamtramck assembly plant, less than two years after GM announced the 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’s stock was at $64.69 a share as of 11 a.m., up by more than 3% and its highest price since emerging from bankruptcy in 2009. The company’s market cap was about $94 billion.
Shares of Rivian, which made its public debut last week, were down by as much as 18% Wednesday, wiping away billions of dollars in market cap. Its market value of about $128 billion remains far above GM and Ford Motor, but below Tesla, which surged to more than $1 trillion this year.
Lucid’s stock was somewhat volatile Wednesday morning, trading down by as much as 5% and up by as much as 4%. The company’s market cap is about $87 billion.