For the time being, almost everything is just announcements for the latecomer – but like a whole series of startups and of course Tesla in the lead, General Motors also managed to inspire investors on the stock market with a clear electric car price. On Thursday, just over a decade after bankruptcy in the financial crisis, GM shares hit a new all-time high of $ 51.57 and ended the week just under $ 50 on a market cap of a good $ 70 billion. The trigger was an electric marketing offensive for the (virtual) tech fair CES in the previous week: GM adopted a more elegant logo and an electric car slogan and announced bold new developments, including a flying Cadillac.
Moving pallet with mother’s electric car
The new GM slogan “Everybody In” only works in English because the first two letters can be highlighted to emphasize the EV, i.e. electric car, in the modernized appearance of the old car company. The logo, on the other hand, is no longer in capital letters, but in small ones (and if you reverse the order of the two letters and tilt one of them, it can be read like “Elon”, which was probably not intended). The last blue square around the letters is also more airy and rounded.
Everything is new at GM, so the message is after the group was initially a little more cautious on the Tesla course with the announcement of new electric cars and self-developed batteries together with LG Chem last March. The company’s own batteries, designated as Ultium, are to form the basis for the now significantly expanded plans. In addition to the previously mentioned GMC Hummer EV and the Cadillacs Lyriq and Celestiq, GM did not present any specific new e-models – but a new business unit for electric delivery traffic called Brightdrop. And for the more distant future, GM showed a concept that is not yet very specific, but fascinating: an electric one-person aircraft with four rotors from Cadillac for urban mobility.
A product that the new Brightdrop unit is supposed to bring out sounds similarly futuristic – but it will come early this year, according to a press release. At the same time, EP1 is relatively modest: it is simply a pallet with its own electric drive that is supposed to make it easier for delivery personnel to get from their vehicle to the customer’s door. The mother electric car is also planned for the beginning of next year, in the form of the EV600 delivery van. GM writes that it is intended for long-haul traffic, but cites a range of only about 270 kilometers per charge. According to the information, both were developed in close cooperation with customers, and in a test with FedEx, the Fahr-Palette is said to have enabled 25 percent more parcels per day and courier.
“GM takes a piece of the Tesla cake”
The mixture of dreams of the future and specific reactions to current needs was also well received by stock market observers. Several analysts discovered that GM’s current auto business was actually undervalued and raised their price targets, as Marketwatch reports. Among them was Dan Ives, who also keeps an eye on Tesla for Wedbush Securities and announced the highest price target for the pioneer on Wall Street at $ 950 this week. GM was the star of the CES with its electro show, he wrote in a short study. Tesla is seen as a disruptive technology company, and GM is starting to take a piece of it on the stock market.