GM moves to Nasdaq as first legacy automaker on the exchange (Oct 27)

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Oct 27 (Reuters) - General Motors said on Tuesday it ​would transfer the listing of its common stock to Nasdaq from the New York Stock Exchange, joining a growing ‌number of companies looking to align themselves with the tech-heavy exchange.

Walmart, Hilton and Palantir are ⁠among the other companies ​that have recently made the ⁠shift to the Nasdaq, chasing proximity to tech stocks as ‌investors rush to ‌invest in the AI buildout.

The Detroit automaker's shares rose ⁠by about 2% in premarket trade ⁠as it was set to become the first legacy automaker on the Nasdaq.

The company has been injecting capital towards modern technology including "eyes-off" autonomous driving on some models as it seeks fresh revenue streams from other products.

"GM's customer-focused, technology-driven ‌strategy is creating value for our ​stockholders, making Nasdaq a natural home for our listing as we grow," said finance chief Paul Jacobson.

The automaker is also developing a new software backbone for future vehicles to deliver the automated-driving system and other digital features, expecting drivers will be willing to pay for them.

The move also comes ​at a time when legacy automakers, pressured by higher costs, ‌have been trying ‌their hand ⁠at producing cheaper, software-heavy vehicles as they try to keep up with Chinese automakers.

GM has a market value of around $64.4 billion, according to data from LSEG.

It expects to begin trading as ‌a Nasdaq-listed company on ​November 17, and will retain ‌its existing ticker symbol.

(Reporting ⁠by Shivansh ​Tiwary and Nathan Gomes in Bengaluru; Editing by Shilpi Majumdar and ​Devika Syamnath)

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