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GM Shares Soars 1% Following General Motors Conference Where It Unveils New Products

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General Motors investors are arguably betting big on the company’s stock as the firm is set to spinoff about five new products beginning from this year.

American multinational vehicle manufacturing company General Motors Company (NYSE: GM) has just recently wrapped up its CES Technology Conference where it unveiled an array of its futuristic products, and the firm’s shares are bouncing up in response. As reported by CNBC, the shares of General Motors opened Wednesday to a new all-time high at $50 per share and the stock closed the trading session with a 1.90% surge to $48.73 per share.

The CES Technology Conference which was conducted virtually had in attendance the company’s Chief Executive Officer (CEO), Mary Barra, and other executives unveiled the firm’s future plans, especially in relation to its proposed new products.

The CEO noted that the essence of the product presentations is to promote “confidence” in the firm’s business while it works to ensure it delivers on its zero-emission in transportation, congestion, and crashes, its Triple-Zero vision.

“We believe investors should prepare for a profound narrative change at GM put into action in 2021,” Morgan Stanley analyst Adam Jonas wrote in a note to investors Tuesday. “There is a lot more to come in terms of rolling out independent business units with its own management teams, technological domains, and go-to-market strategies.”

General Motors have a current market capitalization of $69.75 billion

Here Are the Products General Motors Unveiled that Have Impact on GM Shares

General Motors investors are arguably betting big on the company’s stock as the firm is set to spinoff about five new products beginning from this year. The high tech products include the next generation of Electric Vehicles (EVs), a new EV commercial vehicle and logistics business unit called BrightDrop, the concept flying taxis, Ultium batteries, and Autonomous Vehicles.

General Motors has slowed down plans to launch its EV series in 2020 against mounted expectations. The company unveiled its flagship Cadillac Celestiq built to include a new glass roof made of smart glass that allows each occupant to set their own transparency levels. Per the details of the CES Tech conference, General Motors also previewed other EVs cutting across its other auto series including one Chevrolet crossover, two Cadillacs, and two Buicks.

The BrightDrop business unit will feature the development and rollout of EV delivery vans and other accessories that will be instrumental in the commercial and delivery service sector.

“BrightDrop is a new business from GM that reimagines commercial delivery and logistics for an all-electric future,” Barra said. “BrightDrop provides an ecosystem of smart, connected products, including electric vehicles and software-enabled services, offering commercial delivery companies a platform for sustainable growth.”

General Motors is set to deliver as many as 500 EV600 delivery vans to FedEx Corporation (NYSE: FDX) later this year. The other products including the flying taxis, the high-powered next-generation Ultium batteries, and the Autonomous Driving vehicles are also products the firm has invested billions of dollars investing in. Each of these products will make General Motors more competitive in the EV and auto manufacturing space, a signal investors believe is ideal for more bountiful growth in the future.

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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.



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Valkyrie Digital Assets Files for Bitcoin ETF

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Valkyrie Digital Assets filed an application on Friday for a bitcoin exchange-traded fund (ETF), becoming the second company to do so in a month.

According to Dallas-registered Valkyrie Digital Assets, the Valkyrie Bitcoin Trust would be listed on the New York Stock Exchange and Coinbase Custody Trust Company, LLC would serve as the custodian for the proposed ETF.

Leah Wald, CEO of Valkyrie Digital Assets, told CoinDesk, “Our executive team has previously launched multiple ETFs, publicly traded funds, and ETPs, including bitcoin funds.”

Wald explains the team behind the ETF includes, “Steven McClurg and John Key who have collectively worked on over 100 esoteric and novel deals that have passed regulatory scrutiny.”

While an ETF is seen as advantageous because it trades on the stock market in much the same way as shares in popular companies such as Apple and Microsoft, over the years the U.S. Securities and Exchange Commission has rejected bitcoin ETF proposals due to concerns about market volatility and industry manipulation. 

Still, there’ve been signs the SEC is warming to the idea. In October 2020, then-Chairman Jay Clayton, who many saw as lukewarm toward crypto, said the agency was still open to considering ETF proposals.

Now, with a new administration causing a changing of the guard at the SEC, it is widely hoped by crypto advocates that such an ETF will be approved in 2021. Clayton stepped down officially last month and was replaced by Gary Gensler, who is widely seen as being more pro-crypto than is his predecessor.

Also adding to optimism is this month’s departure of Dalia Blass, the director of the SEC’s division of investment management. Blass was the author of a 2018 letter within the SEC expressing concerns that the bitcoin market was not large enough or liquid enough to be ready for an exchange-traded product.



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Another Pro-Crypto Appointment in the Biden Administration?

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Reports are that Chris Brummer – author of a volume on crypto assets and frequent speaker on digital currencies – will chair the CFTC.

This episode is sponsored by Nexo.io.

On this edition of the Weekly Recap, NLW argues that while bitcoin’s price was the short-term story of the week, the medium-term story was all about the transition of power in the U.S. to the new Biden Administration. In it, he discusses what the appointments (reported or confirmed) of Janet Yellen, Gary Gensler, Michael Barr and Chris Brummer suggest about the future of crypto policy.

Image credit: Chip Somodevilla/Getty Images News



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MicroStrategy Buys the Dip, Adds $10M to Bitcoin Treasury

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CEO Michael Saylor bought the coins for an average price of $31,808.



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