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

GM’s good points come as shares of newly public electrical car start-ups Rivian and Lucid Group, which briefly surpassed GM in market cap Wednesday, misplaced steam following extraordinary double-digit runups prior to now week.

GM is celebrating the opening of its first devoted electrical car plant in Detroit. GM CEO Mary Barra rang the opening bell from the ability earlier on Wednesday; President Joe Biden will go to the plant within the afternoon.

GM is at the moment making pre-production GMC Hummer EV pickups on the plant. Buyer deliveries are anticipated to start quickly.

GM’s inventory was at $64.69 a share as of 11 a.m., up by greater than 3% and its highest worth since rising from chapter in 2009. The corporate’s market cap was about $94 billion.

Shares of Rivian, which made its public debut final week, had been down by as much as 18% Wednesday, wiping away billions of {dollars} in market cap. Its market worth of about $128 billion stays far above GM and Ford Motor, however beneath Tesla, which surged to greater than $1 trillion this 12 months.

Lucid’s inventory was considerably risky Wednesday morning, buying and selling down by as a lot as 5% and up by as a lot as 4%. The corporate’s market cap is about $87 billion.