It was a red letter day for anyone who had a large holding General Motors stock. The company was up 8.8% to $48.95 a share on news of a new electric-powered van as well as a tease at the future of aerial transportation through the company’s Cadillac brand.
The stock jump was a record in intraday trading for General Motors. The company has managed to crawl back into decent shape following some rocky years that saw a filing for bankruptcy in the mid-2000s. Over the last decade, GM stock has remained rather stagnant while the rest of the market experienced steady growth.
The company’s new electric van, the EV600, is expected to arrive later this year under the BrightDrop umbrella, a new commercial business unit that General Motors has high hopes for. The hope is that the EV600 will be a hit in the commercial market with its 250-mile battery range. The first 500 units will be going to FedEx and broader availability is expected in 2022.
A new autonomous flying vehicle concept under the Cadillac name wowed investors with a glimpse at the future. The electric vertical takeoff and landing (eVTOL) aircraft could operate as a short-range air taxi. Details on the project were kept to a minimum, but Morgan Stanley analysts believe that the autonomous personal aircraft market could be worth more than a trillion dollars in twenty years' time.
Will I live to see flying cars in my lifetime? It would appear that the odds are in my favor.