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What is happening
Actions of General Motors (NYSE: GM) were trading higher on Monday, a day after the company touted its increased focus on electric vehicles (EVs) in a widely watched ad during the Super Bowl.
As of 2:30 p.m. EST, GM shares were up about 3.7% from Friday’s closing price.
So what
GM’s Super Bowl ad featured actor Will Ferrell issuing an ironic challenge to Norway, the country with the world’s highest electric vehicle adoption rate. The announcement was preceded by days of teasers and hints on social media, which drew responses from, among others, Norwegian politicians and competing car makers.
GM’s Super Bowl ad featured Will Ferrell and several upcoming GM electric vehicles, including the Cadillac Lyriq SUV. Image source: General Motors.
More broadly, GM is making a big bet on electric vehicles and wants the world to know it. This Super Bowl ad was part of a new marketing campaign launched last month, titled “Everybody In,” which focuses on three themes:
Why is GM’s inventory rising today? First of all, the ad was fun. But more specifically, EV stocks have been burning for months, and one of the points GM hopes to make with its new campaign is that its stock is becoming EV stock as well.
Now what
Auto investors won’t have to wait long to learn more about GM’s EV push from CEO Mary Barra and other senior GM executives. The company is expected to release its fourth quarter and full year 2020 results before the market opens on Wednesday, February 10.
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