General Motors Co shares jumped on Tuesday to their highest level since the company's post-bankruptcy IPO in 2010, as the automaker announced its entry into the growing electric delivery vehicle business.
Fueled in part by the COVID-19 pandemic, GM estimates the U.S. market for parcel and food delivery will climb to more than US$850 billion by 2025. It is one sector that EV sales leader Tesla has yet to crack. As part of Barra's presentation, GM design chief Mike Simcoe hosted a virtual unveiling of two battery-powered Cadillac concepts: A flying car and a boxy shuttle with sliding doors. Simcoe said Cadillac also is working on a luxury electric two-seater.
The first 500 units will go to FedEx by the end of the year, with deliveries to other customers starting in early 2022, Fletcher said.