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GM Jumps After Launching Electric Delivery Vehicle Unit at CES

Shares of GM hit record highs after outlining its plans for an all-electric future with a commercial electric van business and an air taxi, among other new vehicles.

Shares of General Motors  (GM) - Get General Motors Company Report hit a record high on Tuesday after the Detroit automaker introduced a whole host of new electric vehicles at this year's CES, including its first electric cargo delivery van, an air taxi that runs on electric power and an all-electric Hummer.

Shares of the automaker surged to a record high of $47.78, up 6.15% on Tuesday afternoon and are up almost 50% over the past three months as GM has touted its all-electric future and bid to become a legitimate rival to EV leader Tesla  (TSLA) - Get Tesla Inc. Report

GM CEO Mary Barra announced that GM will now sell electric delivery vans in a new business unit known as Bright Drop, which reimagines commercial delivery and logistics for an all-electric future of smart connected products and software-enabled services. FedEx  (FDX) - Get FedEx Corporation Report will be its first customer and BrightDrop's first product will be an electric pallet called EP1 that will be available early next year. Its second product, an electric light commercial vehicle called the EV600 with a range of up to 250 miles, will be available for order in early 2022.

Shares of FedEx were rising 1.02% to $247.82 on Tuesday afternoon.

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"Bright Drop aims to provide the commercial delivery and logistics with products, software and services as well as support that they need to move goods from warehouses to your front door," Barra said.

Barra also unveiled  a Cadillac-branded drone-like aircraft that runs on electric power and a zero-emissions Hummer truck

"Electrification will be a catalyst for a range of experiences," said Barra. "We are excited and confident about the future of our electric and autonomous vehicles." 

At CES, GM's Barra also released its luxury car brand Cadillac’s portfolio of EV vehicles named Lyriq and Celestiq. 

Leading GM's self-driving efforts is Super Cruise, a hands-free driving assistance feature, which will be available on 22 GM vehicles, including the Chevrolet Bolt EV, by 2023.