In what is becoming a recurrent trend these past few months, another major automaker has announced plans to go fully electric. According to Business Insider:
General Motors unveiled on Monday an ambitious plan to become an all-electric automaker, using a strategy that would combine battery-electric and fuel-cell-electric vehicles. The move demonstrated that GM is serious about remaining not just relevant, but extremely competitive as the global auto industry is transformed by electrification and the arrival of upstarts such as Tesla.
The switch, slated for 2023, opens up many possibilities for the company. With excitement for electric cars at an all-time high, many investors are excited by the prospect of such a large automaker preparing for the future.
GM shares were up 4%, to $42, though most of those gains came ahead of the news. The stock is up about 20% since the beginning of 2017.
While all of this present is exciting, the underlying reason for GM’s stock gains are even more promising; it is making great cars. On their website, General Motors shows off the impressive acumen their cars have accrued over the past few years. Several awards stand out, but perhaps the most telling is the numerous awards held by the 2017 Chevrolet Bolt EV.
The Bolt is one of the company’s new flagship electric cars and has won the “North American Car of the Year” as well as the “Motor Trend Car of the Year.” This tells investors two things.
The first is that GM is one of the first to develop a world renowned compact electric car with long range, beating Tesla to the punch.
The second is that GM is likely only going to improve their technology and reputation in the electric car field. This could help them cement their position as the car manufacturers of the future.
Investors should keep an eye on GM, it looks to be a promising stock going forward.
To read Business Insider’s article on GM going electric, click here.
To see GM’s awards list, click here.
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