GM to move stock listing to Nasdaq as it advances AI strategy

General Motors (GM) will move its stock listing from the New York Stock Exchange to Nasdaq on November 17, while retaining its existing ticker symbol.

The automaker joins Walmart, Hilton and Palantir in the shift, becoming the first legacy carmaker to list on the tech-focused exchange. The Nasdaq is home to companies including Apple and Amazon.

GM has traded on the NYSE since 1911.

Why the shift?
The NYSE’s grip on the listing market has weakened as Nasdaq gains ground with high-profile companies and headline-making IPOs.

Several firms, like Walmart and DoorDash, have switched or plan to switch from the NYSE to Nasdaq. It is also positioning itself for major IPOs, including Anthropic’s much-awaited debut. SpaceX also listed on Nasdaq in June.

What’s in it for GM?
The move marks a strategic shift for the Detroit-based company, which has prioritized electric vehicles (EVs) over hybrids in recent years.

GM is trying to redefine itself as a tech company as it intensifies its efforts to compete with Tesla.

The company is also developing software for automated driving and digital features as Chinese automakers gain ground.

It plans to introduce hybrid versions of three popular three-row SUVs in response to growing demand for fuel-efficient vehicles in the United States.

The automaker will build hybrid versions of the Chevrolet Traverse, Buick Enclave and GMC Acadia at its Lansing Delta Township assembly plant in Michigan. The three mechanically related SUVs are among GM’s strongest sellers in the US market.

The company has also accelerated the development of AI-powered manufacturing technologies.