What is happening
Actions of General Motors (NYSE: GM) traded higher on Monday, a day after the company released its biggest focus on electric vehicles (EVs) in a widely watched announcement during the Super Bowl.
As of 2:30 pm EST, GM’s shares rose about 3.7% from Friday’s closing price.
And
GM’s Super Bowl ad featured actor Will Ferrell posing an ironic challenge to Norway, the country that has the highest electric vehicle adoption rate in the world. The announcement was preceded by several days of teasers and tips on social media, which drew responses from, among others, Norwegian politicians and rival automakers.
GM’s Super Bowl ad featured Will Ferrell and several upcoming GM electric vehicles, including the Cadillac Lyriq SUV. Image source: General Motors.
More generally, GM is making a big bet on EVs and wants the world to know. This Super Bowl ad was part of a new marketing campaign launched last month, called “Everybody In”, which focuses on three themes:
Why is GM’s inventory high today? First, the ad was fun. But, going straight to the point, electric vehicle inventories have been on the rise for months, and one of the points that GM hopes to make with its new campaign is that its inventory is becoming an EV stock as well.
What now
Automotive investors won’t have to wait long to hear more about GM’s push for EV from CEO Mary Barra and other senior GM executives. The company is scheduled to release its fourth-quarter and full-year 2020 earnings before the market opens on Wednesday, February 10.