Shares of General Motors Co. (GM) rallied 3.3% in premarket trading Monday, after hedge fund Engine No. 1 said on CNBC that it has invested in the automaker as it supported GM's move into electrification. The rally puts the stock on track to open at the highest level seen during regular-session hours since Aug. 12. Engine No. 1 founder Chris James said on CNBC that he believes given GM's approach to go "all in" to transition to battery electric vehicles (BEV), "we think they can be successful in this transition." Engine No. 1 was an activist investor in Exxon Mobil Corp. (XOM), and James said the same the beliefs that led to an investment in Exxon Mobil, which is going through a transition, led to an investment in GM. GM's stock has lost 9.9% over the past three months through Friday, while shares of rival Ford Motor Co. (F) have lost 5.2%, electric vehicle giant Tesla Inc. (TSLA) have rallied 14.2% and the S&P 500 has ticked up 0.1%.
(END) Dow Jones Newswires
October 04, 2021 09:26 ET (13:26 GMT)
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