General Motors Shares Surge Over 6% on Plan to Move Listing to Nasdaq and Rebrand as Tech-Focused Company

Stock News10-27 23:36

On Tuesday, General Motors (NYSE: GM) shares opened higher and continued to climb, rising more than 6% as of the latest reading.

The move comes amid news that General Motors plans to transfer its stock listing from the New York Stock Exchange to the Nasdaq Global Select Market, a step aimed at repositioning the traditional automaker as a forward-looking technology company embracing autonomous driving and electric vehicles.

Facing intensifying competition from emerging electric vehicle manufacturers, General Motors is actively embracing technology. The company recently held an event in New York to showcase upcoming electric vehicle models equipped with advanced driver-assistance features and battery technology.

According to a statement released by the company, General Motors shares will begin trading on the Nasdaq on November 17, retaining the "GM" ticker symbol.

General Motors noted that the new listing venue gives it potential eligibility for inclusion in the Nasdaq-100 Index.

In the statement, General Motors Chief Financial Officer Paul Jacobson cited the company's "technology-driven strategy" and said that as General Motors evolves, the Nasdaq "naturally became the ideal place for us to list."

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