Svea Herbst, Bayliss and Ben Klayman

(Reuters) – Hedge fund Engine No. On Monday, 1 officially announced that it had taken a stake at General Motors Co (NYSE :). It also supported the company’s transition to electric cars and sent the shares of No. 1. U.S. automaker rose 3.2%

The hedge fund was able to get three seats on the board by defending GM’s position against Exxon (NYSE 🙂 Mobile Corp, which it had earlier in this year. Engine No. 1. had criticised Engine No.

But Engine No. Engine No. 1 stated Monday in a statement that it believes in the path GM Chief Executive Mary Barra has laid out. This includes eliminating tailpipe emissions from all light cars sold before 2035.

Engine No. 1 founder Chris James said that the company’s pioneering work in battery technology along with Mary Barra, and Mary Barra, created tremendous benefits. Chris James, Engine No. 1, said. There is a myth that only tech companies are able to move fast enough to adapt and succeed in the new world. This is not true. GM is a leader in this area.

Engine No. Engine No. Engine number. According to data from Refinitiv, Engine No. 1 holds a stake in GM of nearly 400,000 shares.

Engine No. 1. stated it had held “very constructive and cooperative two-way talks” with GM. It also said that GM was well placed to “recapture market share” because of its strengths in battery technology.

GM announced that it would spend $35 billion to purchase electric and self driving vehicles by 2025. On Wednesday, GM will also outline financial goals for 2030 at its investor conference.

Engine Number. Engine No. 1 was inaugurated in December 2020. It immediately became a sensation by taking on Exxon, and pressing the oil giant to lower its carbon footprint.

James, a veteran investor, started Exxon as a small company. However, it quickly became an exaggerated battle for Exxon’s attention on Wall Street. There, many experienced investors expected Exxon would falter. However, the arguments won over some of the biggest money managers around the globe, like Vanguard, BlackRock, and others. State Street Engine No. (NYSE:), which supported Engine No.

Engine no. Charlie Penner runs Engine 1. He is an activist who has joined from Jana Partners. There they were a headline-grabbing team that took on Apple (NASDAQ.:) and pushed them to make more efforts to reduce children’s use of smartphones. After Exxon won, Engine No. One launched an exchange-traded fund to bet Main Street investors that they want their portfolios support environmental, governance, and social proposals.

A white paper was also published by the hedge fund on Monday. It explains why the industry should transition to battery-electric vehicles, and what role automakers (especially GM) will play in this transition.

Jim Cain, GM’s spokesperson for mobility said that “we value the views of all stakeholders” in an email.