GM shifts into Wall Street's tech lane
Add Axios as your preferred source to
see more of our stories on Google.
Photo: Eduardo MunozAlvarez/VIEWpress
General Motors is moving its stock listing from the New York Stock Exchange to Nasdaq, home to many of the world's biggest technology companies.
Why it matters: The switch reflects GM's growing emphasis on artificial intelligence, autonomous driving and software-defined vehicles — with potential benefits for shareholders to boot.
Zoom in: GM said Tuesday it will begin trading on Nasdaq on Nov. 17, retaining its familiar "GM" ticker.
- "GM's customer-focused, technology-driven strategy is creating value for our stockholders, making Nasdaq a natural home for our listing as we grow," CFO Paul Jacobson said in a statement.
Follow the money: The move also makes GM eligible for inclusion in the Nasdaq-100 index, which would attract new investment from funds that track the benchmark.
My thought bubble: GM has been trying to recast its image as a technology company since 2016, when CEO Mary Barra and the Chevrolet Bolt EV appeared on the cover of Wired magazine for "beating Elon Musk in the race to build a true EV for the masses."
- Since then, GM has been arguing that it deserves a technology-company valuation — but Wall Street hasn't bought the pitch, continuing to treat it as a cyclical industrial company.
- Only since 2023, when GM launched a series of huge stock buybacks, did the shares take off.
The bottom line: Changing exchanges won't change GM's underlying business. But it could help change how investors perceive it.
