Oct 27 (Reuters) – (This Oct 27 story has been refiled to correct syntax in paragraph 3.)
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 become 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
