GM moves to Nasdaq as first legacy automaker on the exchange

Oct 27 — General Motors said on Tuesday it would transfer the listing ​of its common stock to Nasdaq from the New York Stock Exchange, joining a growing number of companies ‌looking to align themselves with the tech-heavy exchange.

Walmart, Hilton and Palantir are among the other ⁠companies that have recently made ​the shift to the Nasdaq, ⁠chasing proximity to tech stocks as investors rush to ‌invest in the ‌AI buildout.

The Detroit automaker's shares rose by about 2% ⁠in premarket trade as it ⁠was set to became the first legacy automaker on the Nasdaq.

The company has been injecting capital towards modern technology including "eyes-off" autonomous driving on some models as it seeks fresh revenue streams from other products.

"GM's customer-focused, technology-driven strategy is ‌creating value for our stockholders, making ​Nasdaq a natural home for our listing as we grow," said finance chief Paul Jacobson.

The automaker is also developing a new software backbone for future vehicles to deliver the automated-driving system and other digital features, expecting drivers will be willing to pay for them.

The move also comes at ​a time when legacy automakers, pressured by higher costs, have ‌been trying their ‌hand at ⁠producing cheaper, software-heavy vehicles as they try to keep up with Chinese automakers.

GM has a market value of around $64.4 billion, according to data from LSEG.

It expects to begin trading as ‌a Nasdaq-listed company on ​November 17, and will retain its ‌existing ticker symbol.

(Reporting ⁠by Shivansh ​Tiwary and Nathan Gomes in Bengaluru; Editing by Shilpi Majumdar and ​Devika Syamnath)

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