- General Motors is steadily approaching a $100 billion market valuation after shares of the automaker reached a new record high on Wednesday.
- GM's gains come as shares of newly public electric vehicle start-ups Rivian and Lucid Group lost steam following extraordinary double-digit runups in the past week.
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.
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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.
GM's stock closed Wednesday at $64.61 a share, up by 3.2% and its highest closing price since emerging from bankruptcy in 2009. The company's market cap is about $94 billion.
Money Report
Shares of Rivian, which made its public debut last week, closed Wednesday at $146.07, down by 15.1% and wiping away billions of dollars in market cap. Its market value of about $125 billion remains far above GM and Ford Motor, but below Tesla, which surged to more than $1 trillion this year.
Lucid's stock closed Wednesday at $52.55 a share, down by 5.4%. The company's market cap is about $85 billion.