US automaker General Motors Co has announced that it will be canceling its unveiling event this April amid the growing concerns over the continued spread of the novel coronavirus. The company stated that it will be postponing the launch of its highly-anticipated all-electric Cadillac Lyriq crossover.

The postponement of the launch will likely be placing a big dent on the company's plans for an all-electric future, which was supposed to be kicked off next month. GM CEO, Mary Barra, originally announced the early-April unveiling last week, stating that it would be the start of its foray into full electrification.

During a investors and media event last week, GM had shown off its new battery and electric drive system, which it stated revealed would power its next-generation fully-electric models. The battery-powered module architecture, dubbed by the company as the Ultium, will be placed on most of its future models ranging from its small Chevrolet sedans to its massive Hummer-branded sport utility vehicles (SUVs).  

According to GM, the Cadillac Lyriq crossover will be the first of many battery-powered models that will be released over the next years. Following the announcement, GM's shares got a marginal boost as investors flocked to the stock after Barra claimed that the company should be a formidable competitor to Tesla.

Unfortunately, the boost in its stock was short-lived, with most of the gains erased earlier in the week as the entire US equities market crashed. GM's shares were hit particularly hard during the start of the week following the collapse of the OPEC-Russia pact and the ongoing concerns over the viral epidemic. Its shares fell by more than 14 percent, closing at $24.69 per share. This was the largest fall of the stock since the company's initial public offering (IPO) in November 2010 and its lowest point since December 2012.

A company spokesperson stated that the company is currently reevaluating its rollout plans given the cancellation of the unveiling of the Lyriq. The vehicle was supposed to be unveiled at a special event on April 2 in Los Angeles. The launch of the Lyriq will be a major milestone for GM and its Cadillac brand, particularly for its goal of going against brands such as Tesla in the luxury electric market.

Apart from affecting its planned unveiling, the ongoing viral epidemic has also negatively affected the company's day-to-day operations. According to GM, the epidemic has forced it to hold top meetings over video calls instead of in-person. The company has also instructed its employees to avoid unnecessary travel and contact with people outside of the company to avoid being infected.