GM made quite a buzz on the market today as it started its initial public offering. According to the latest reports from Automotive News, GM shares traded up 6.3 percent this morning.
The shares opened at $35, which is above the initial public offering price of $33. Still, the shares rose as high as $35.99 in early trading. More than 250 million GM shares traded hands as of 11:51 a.m EST.
Apparently, Gm shares began on the New York and Toronto stock exchanges, and it seems that GM will raise more than $20.1 billion. But, GM hopes to raise $23.1 billion, eclipsing the record $22.1 billion raised by Agricultural Bank of China in July.
General Motors has continued to develop state-of-the-art technology that is expected to shape the automotive industry’s future. The company has expanded its lead in the field of vehicle electrification through advancements in various features like power controls, electric motors, and power controls. The team has also worked on a wide range of fuel-saving and high-volume technologies. These include diesel engines, variable valve timing, direct injection, turbo charging, and six-speed transmissions.
It even has its aerodynamic features improved. GM has continued to not just create but also leverage various strategic global partnerships in order to come out with new vehicles and innovative technologies to its customers faster. The company even established GM Ventures in order to explore equity investments for auto-related technologies to identify and develop new technologies.
The company believes that it is important to be responsible and to focus efforts in different important areas like education and the environment.
These goals are realized through the General Motors Foundation which strengthens the communities across the country by investing in community development, education, environment and energy, health and human services, and even aid in worldwide relief efforts in cases of disasters.
The Foundation has been funded since 2000 by a GM endowment and for more than a decade, it has donated an excess of $315 million. The amount was used to educate parents on the issue of child passenger safety, and on a campaign to ensure that teen drivers are safe, as well as to realize projects to send students to college, promote diversity, and finally help support numerous vital non-profit groups.