Why General Motors' Shares Jumped on Monday

Krales  The Verge

Competition. If GM doesn't join the electric auto push, it risks being left behind by Tesla, which is leading the way in electric vehicle innovation, and other companies such as Ford, Nissan and Volvo that are working toward more electric options. A lot of countries have been approving laws that will decrease the use of fuel cars for the sake of a better future.

In a push to produce cars powered by batteries or fuel cells, General Motors on Monday laid out a strategy to vastly expand the number of electric models in the marketplace.

The acceleration to an all-electric future will begin nearly immediately, with GM releasing two new electric models next year and an additional 18 by 2023. The plan builds upon the company's vision of having zero emission, zero crashes and zero traffic congestion, a plan outlined by GM CEO Mary Barra.

M - GM has provided more details on its plans for a zero-emissions future, with Executive Vice President of Product Development, Purchasing and Supply Chain Mark Reuss stating that "General Motors believes in an all-electric future". "Although that future won't happen overnight, G.M.is committed to driving increased usage and acceptance of electric vehicles". But at the very least they want to make some progress like many other companies have. But it also said that "getting to a zero emissions future will require more than just battery-electric technology".

"There is a transition going on", said Reuss, adding that GM has no set timetable to eliminate gasoline engines from its vehicles.


The event was billed as a "sneak peek" into GM's electric future.

The unexpected shift puts GM in the company of Volvo, Jaguar, Land Rover, and Aston Martin, which have all made plans to go all-electric. The largest of Detroit's Big Three automakers also revealed a fuel-cell-powered heavy-duty truck concept dubbed SURUS, that could be used for a variety of purposes, such as a delivery vehicle or first-responder vehicle.

Shares of the company opened at Rs 428.25 and touched a high and low of Rs 428.25 and Rs 418.80, respectively, in trade so far.

The automaker said not all of GM's electric vehicles will use batteries, some will use hydrogen gas instead. As for specifics, I expect that we'll learn more about the first of GM's upcoming electric vehicles over the next few months.

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