GM moves to Nasdaq as first legacy automaker on the exchange (Oct 27)

General Motors (GM) will move its stock listing from the NYSE to Nasdaq on Nov. 17, aiming to align with tech stocks. The move follows a 5.54% share price increase on the announcement. GM's forward P/E is about 5x, significantly lower than Nasdaq 100 constituents' average of 30x. The company reported $50B revenue and $4.11B adjusted operating profit last quarter, with plans for a $20B share buyback program.

Tigress Financial reaffirmed a Strong Buy rating on General Motors with a $132 price target, suggesting a 60% upside. The firm cited GM's 40% YoY increase in adjusted automotive free cash flow to $5.88B in Q3 2026 and its $20B share repurchase plan. GM's focus on high-margin services like OnStar and Super Cruise is driving revenue growth, with digital services revenue expected to exceed $3B in 2026.

GM plans to introduce hybrid versions of the Chevy Traverse, GMC Acadia, and Buick Enclave, shifting from its all-electric focus. The company is retooling its Lansing Delta Township plant for HEV production, investing over $2 billion. Specific details on powertrain types and launch dates are not yet confirmed. According to GM, this move aims to fill a gap in its lineup, as competitors like Toyota and Hyundai have gained market share with hybrid SUVs.

GM will invest $750M in its Lansing Delta Township plant to produce hybrids, part of a $2B investment in Lansing facilities. The plant currently makes SUVs. GM did not specify models or timing, but an industry consultant predicts hybrid versions of the Chevy Equinox, trucks, and midsize SUVs by 2030. GM's CEO previously stated hybrid models would launch in 2027.

General Motors (GM) is moving its stock listing from the NYSE to Nasdaq, aiming to attract new investors by being included in Nasdaq's tech-heavy index. The company is positioning itself as a tech firm, though it faces skepticism from Wall Street. GM's stock rose 5% on the news, but it still trades at a legacy automaker valuation. The company is also retooling factories to produce hybrid SUVs, while investing in AI features for vehicles.

GM plans to invest over $2B in Michigan, including $1.25B to produce hybrid SUVs (Buick Enclave, Chevrolet Traverse, GMC Acadia) at Lansing Delta Township plant. Production starts in ~3 years. GM is reallocating a $500M DOE grant for hybrid production. Hybrid sales have risen due to higher gas prices, benefiting Toyota and Hyundai. GM's CEO Barra announced a shift to hybrids amid declining EV sales.