General Motors' share price continued to rise following the unveiling of its latest electric vehicle - the GMC Hummer EV. The stock was trading at $37.55 in pre-market trading Friday.
The rally sent the company's share price to a new year-to-date high Thursday on the heels of its announced $2 billion investment plans to accelerate its electrification.
Since the start of the week up to Thursday, the company's shares have increased by 11.8%. On Thursday, the stock closed at $37.41 per share, its highest price so far this year. General Motors's shares hit a 52-week high of $38.96 per share in November.
General Motors received a lot of praise from both automotive enthusiasts and Wall Street analysts following the debut of its GMC Hummer EV on Tuesday night. Despite the praise, research firms have yet to upgrade their price targets for the company.
"Crab walk - I think some investors are crab-walking back to a stock that they had written off here. So, well-done to you guys," Morgan Stanley analyst, Adam Jonas, mentioned in a statement.
Bank of America's John Murphy expressed the same sentiment and added that General Motor's "solid" business plan was not reflective of its current stock pricing. He added that the stock remained largely "underappreciated" given its strong fundamentals.
General Motors GMC Hummer EV is the company's opening salvo in its planned transition to electric vehicles. After more than 10 years of absence, the company brought back the iconic brand in the form of a 1,000-horsepower fully-electric pickup truck.
Unlike its gas-guzzling ancestor, the Hummer EV produces zero harmful emissions. The vehicle is the first to sport General Motors proprietary Ultium electric platform. The company expects to begin production of the Hummer EV in late 2021. Interested buyers can pre-order an "Edition 1" version of the vehicle, which will have a starting price of $112,595. Other variants will be made available throughout the next couple of years, with the cheapest one starting at $79,995.
