General Motors electric-vehicle push backed by hedge fund
GM planning for autos to be fully electric by 2035
FoxNews.com automotive editor Gary Gastelu on President Biden's push for 50% of car sales to be electric and hybrid by 2030.
General Motors Co.’s plans to electrify its vehicle lineup has won the support of an impact investment group.
The hedge fund Engine No. 1, which gained notoriety in January when it won three seats on Exxon Mobil’s board of directors by convincing big investors that the oil giant lacked a clean energy strategy, has taken a stake in the automaker.
Shares of the Detroit-based automaker rallied on the news.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GM | GENERAL MOTORS CO. | 51.80 | +0.84 | +1.65% |
"GM’s goal to go 100% electric by 2035 signals one of the largest transformations in the history of the auto industry and creates an opportunity to re-center the battery supply chain in America," said Chris James, founder of Engine No. 1. "The company’s early lead on batter technology, along with Mary Barra and the board’s leadership, creates tremendous advantages."
General Motors earlier this year announced plans to launch 30 all-electric models by 2025 and to have a fully electric fleet of light-duty vehicles by 2035 and medium and heavy-duty trucks by 2040. The company will through 2025 invest $35 billion in electric and autonomous vehicles in an effort to reach its goals.
General Motors aims to be carbon neutral by 2040.
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GM shares were up 28% this year through Friday compared with the S&P 500’s 15% gain.