GM shares hit a record high on a futuristic delivery vision
Straight outta CES... GM stock hit an all-time high after the Detroit OG unveiled some not-so-OG projects at the Consumer Electronics Show. The real bright spot was BrightDrop, a new unit focused on all things electric delivery — from EVs to route optimization software. GM is pitching it as a one-stop-shop for delivery fleets. Here's what BrightDrop's dropping in 2021:
- "Electric pallet": The EP1 is basically a techy container with wheels. It moves packages over short distances (think: from delivery van to your door).
- Electric van: The zero-emission EV600 gets 250 miles per charge, and is designed to load/unload EP1s. FedEx has dibs on the first 500.
- Not for 2021... GM unveiled insane-looking designs for flying taxis and self-driving shuttles (feat. scissor doors).
If you’ve got the battery... you've literally got the power. GM's getting it from its next-gen battery system, Ultium. It's as intense as it sounds: GM says Ultium gets up to 450 miles per charge, at nearly 40% less cost than its current batteries. GM has spent billions to make Ultium the base for its future EVs, like the GMC Hummer EV pickup. This new BrightDrop van will be the first commercial vehicle using Ultium.
Investors want a story... and now they're buying GM's. Tesla's story — "accelerating the world's transition to sustainable energy" — gets investors going (it's provocative). GM is a 113-year-old company known for trucks built "like a rock." But now that it's investing $27B in electric and autonomous vehicles, the story has transformed. The new narrative: an “all-electric vehicle future," complete with zero-emission delivery ecosystems. The record stock price = investors' seal of approval.