General Motors Soars to Record High After Revealing Plans for the Future

Shares of GM were skyrocketing this week to a record higher after the automaker revealed an electric van and talked about flying cars in the future.

Shares were up as much as 8.8% to $48.95 on Tuesday morning, leading to a roughly $70 billion market cap.

General Motors’ EV600 electric van is scheduled to go on sale later this year through a new commercial business unit of GM’s called BrightDrop.

GM CEO Mary Barra and other executives discussed the company’s car plans as part of the CES technology conference.

BrightDrop is planning a full portfolio of electric products, not just vehicles, including a delivery pallet.

Michael Simcoe, vice president of GM global design, said each concept reflected “the needs and wants of the passengers at a particular moment in time and GM’s vision of the future of transportation.”

“This is a special moment for General Motors as we reimagine the future of personal transportation for the next five years and beyond,” Simcoe added.

As for the flying cars of the future, the company’s flying vehicle is designed to hold one passenger and travel roughly 56 mph between rooftops and other urban destinations.
A GM spokeswoman confirmed GM has designed models of both autonomous concepts, but computer renderings were simulated during the presentation.

The BrightDrop delivery business will make GM a competitor in the commercial sector. GM estimates the U.S. market for parcel and food delivery will climb to more than $850 billion by 2025. It is one sector that EV sales leader Tesla has yet to crack.

CEO Mary Barra said BrightDrop will offer delivery and logistics customers such as FedEx a range of products and services that leverage the automaker’s expertise in electrification and fleet management.

Disclaimer: We have no position in any of the companies mentioned and have not been compensated for this article.