GM stock hits record high as automaker celebrates Hummer EV production

DETROIT – General Motors is steadily approaching a $100 billion market valuation after shares of the automaker reached a record high on Wednesday.

GM’s gains come as shares of newly public electric vehicle start-ups Rivian and Lucid Group, which briefly surpassed GM in market cap Wednesday, lost steam following extraordinary double-digit runups in the past week.

GM is celebrating the opening of its first dedicated electric vehicle plant in Detroit. GM CEO Mary Barra rang the opening bell from the facility earlier on Wednesday; President Joe Biden will visit the plant in the afternoon.

GM is currently making pre-production GMC Hummer EV pickups at the plant. Customer deliveries are…