GM shares hit record high as automaker reveals electric van and delves into flying cars

Renderings from GM of the “Cadillac halo portfolio” that features ideas of an autonomous shuttle (proper) and an electric vertical take-off and touchdown (eVTOL) plane, additionally identified as a flying car.

Screenshot by way of GM

Shares of General Motors hit a record high in intraday buying and selling Tuesday after the automaker unveiled a brand new electric van and revealed potential plans to delve into futuristic flying cars.

The Detroit automaker’s inventory was up by as a lot as 8.8% to $48.95 a share as of Tuesday morning, resulting in a roughly $70 billion market cap. Its earlier high of $46.76 occurred in October 2017. It’s a record because the automaker emerged from chapter through the Great Recession and went public in 2010.

GM CEO Mary Barra and different executives mentioned the plans as a part of the CES expertise convention, which is being streamed on-line this 12 months.

The EV600 electric van is scheduled to go on sale later this 12 months by a brand new business enterprise unit of GM’s referred to as BrightDrop. The division is planning a full portfolio of electric merchandise, not simply automobiles, together with a supply pallet that was unveiled Tuesday.

The potential foray into “personal air mobility” was introduced as a part of Cadillac’s portfolio of luxurious and EV automobiles. It included an autonomous shuttle and an electric vertical takeoff and touchdown (eVTOL) plane, or extra generally identified as a flying automobile or air taxi.

Michael Simcoe, vice chairman of GM international design, stated every idea mirrored “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 stated.

The flying car is designed to carry one passenger and journey roughly 56 mph between rooftops and different city locations, in line with the corporate. A GM spokeswoman confirmed GM has designed fashions of each autonomous ideas, however pc renderings had been simulated through the presentation. She declined to offer different particulars.

Despite uncertainties round private air mobility, Morgan Stanley expects the autonomous city plane market could also be value $1.5 trillion by 2040.

The phase is attracting main investments from the automotive and aviation industries. Fiat Chrysler earlier Tuesday introduced a brand new partnership with air mobility firm Archer to assist decrease prices and speed up the launch of an eVTOL plane. Other corporations concerned within the phase embody JobyBoeing-backed Wisk and Hyundai Motor.

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