GM stock surges into record territory after unveiling new electric transport services business BrightDrop

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Shares of General Motors Co. shot up 6.4% into record territory Tuesday after the automaker announced a new business called BrightDrop, which GM said will offer and ecosystem of electric products, software and services to help delivery companies transport goods more efficiently. GM’s stock BrightDrop’s first product, available in early 2021, will be an electric pallet called EP1. An EP1 pilot program, in partnership with FedEx Corp.’s FedEx Express, has already been completed, with EP1s helping FedEx Express couriers handle 25% more packages per day. The second BrightDrop product, available for order in early 2022, will be the EV600, an electric light commercial vehicle built to deliver goods over long ranges. The EV600 is expected to have an estimated range of up to 250 million, with a charge rate of 170 miles of range per hour. GM’s stock has soared 48.7% over the past three months, while the S&P 500 has gained 7.6%.
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