GM shares hit record high on electric van and flying car potential plans

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, often known as a flying automobile.

Screenshot through GM

Shares of Normal 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 automobiles.

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. GM CEO Mary Barra and different executives mentioned the plans as a part of the CES know-how 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 way of 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 autos, together with a supply pallet that was unveiled Tuesday.

The potential foray into “private air mobility” was introduced as a part of Cadillac’s portfolio of luxurious and EV autos. It included an autonomous shuttle and an electric vertical take-off and touchdown (eVTOL) plane, or extra generally often known as a flying car or air taxi.

Normal Motors plans to launch a brand new all-electric van referred to as the EV600 by the top of this 12 months. The primary 500 autos might be offered to FedEx.

GM

Michael Simcoe, vice chairman of GM’s world design, mentioned every idea mirrored “the wants and desires of the passengers at a specific second in time and GM’s imaginative and prescient of the way forward for transportation.”

“It is a particular second for Normal Motors as we reimagine the way forward for private transportation for the subsequent 5 years and past,” Simcoe mentioned.

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

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

The section 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. Different corporations concerned within the section embrace Joby, Boeing-backed Wisk and Hyundai Motor.

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