General Motors Shares Hit a Record High on Hummer EV Production

General Motors (GM) saw its shares flying on Wednesday, steadily approaching the $100 billion market cap after hitting a record high.

The company saw its shares move higher as it celebrates 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 and President Joe Biden visited the plant in the afternoon.

The president took the wheel of an all-electric Hummer during a visit to the General Motors factory.

“Anyone want to jump in the back, or on the roof?” Biden asked reporters after flooring the vehicle’s accelerator.

“These suckers are something else!” Biden said before taking the car for another spin.

The president recently signed a $1.2 trillion bipartisan infrastructure package that contains $7.5 billion for electric vehicle charging stations and $5 billion to buy electric and low-emission buses.

He has proposed social spending plan contains $555 billion for environmental initiatives including $12,500 rebates for the purchase of electric vehicles.

GM is currently making pre-production GMC Hummer EV pickups at the plant and customer deliveries are expected to begin soon.

It was less than two years ago that GM announced the massive $2.2 billion investment to fully renovate the facility to build a variety of all-electric trucks and SUVs.

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