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DETROIT — General Motors plans to transfer shares of its common stock from the New York Stock Exchange to the Nasdaq as the automaker attempts to position itself more as a technology-focused company.
The Detroit automaker said Tuesday that it expects to begin trading as a Nasdaq-listed company on Nov. 17. Its ticker symbol is expected to remain "GM," the company said.
"GM's customer-focused, technology-driven strategy is creating value for our stockholders, making Nasdaq a natural home for our listing as we grow," GM CFO Paul Jacobson said in a release. "We're grateful for our long-standing partnership with the New York Stock Exchange and its remarkable legacy."
GM noted the move will provide eligibility for potential inclusion in the Nasdaq-100 Index.
Current shareholders do not need to take any action with respect to the transfer, the company said.
The switch marks a notable loss for the NYSE, as GM first listed on the exchange in 1911. The Detroit automaker also relisted on the stock exchange in 2010 following a government-backed bankruptcy.
General Motors vs. Ford Motor stock
GM follows other companies such as Walmart, DoorDash and Palantir Technologies that have transferred from the more traditional NYSE to the historically technology focused Nasdaq in recent years. Hilton Worldwide Holdings last week also announced plans to move trading from the NYSE to Nasdaq.
The key drivers for a listing transfer differ from company to company, but the Nasdaq in 2024 said common reasons include "index inclusion opportunities, cost effective fee structure, brand visibility partnership, access to Nasdaq's event space, and Nasdaq's suite of investor relations and ESG products."
GM's decision comes a week after the automaker held a technology-focused event where executives laid out the company's roadmap for artificial intelligence and self-driving vehicle technologies.
Shares of GM, which has been aggressively buying back stock, have more than doubled since 2024. GM's stock closed Monday at $76.31 per share. The company's market cap is roughly $64.4 billion.