GM to leave NYSE for stock listing on tech-focused Nasdaq

General Motors Co. plans to shift its stock listing to the Nasdaq Global Select Market from its longtime home on the New York Stock Exchange, an attempt to position the old-school automaker as a tech-forward company embracing automated driving and electric vehicles.

The company will retain the “GM” ticker symbol when it begins trading on the Nasdaq on Nov. 17, according to a statement Tuesday. The new listing offers eligibility for potential inclusion in the Nasdaq-100 Index, GM noted.

Citing GM’s “technology-driven strategy,” Chief Financial Officer Paul Jacobson said in the statement that the Nasdaq is “a natural home for our listing as we grow.”

The surprise departure from the NYSE after 115 years aligns with GM’s embrace of technology, particularly as upstart electric vehicle makers and rising competition from China and elsewhere threaten Detroit’s grip on the market. GM has been trying to get investors to take a different view of the company — so far unsuccessfully — by making a case its investments in self-driving systems and software-related services have potential for revenue growth with higher margins.

The announcement comes just days after GM held an event in New York to showcase upcoming EV models, featuring advanced driver-assistance capabilities and battery technology.

Its shares rose four per cent at 9:33 a.m. in New York.

The listing shift is another notable win for Nasdaq following similar moves by companies including Walmart Inc. last year and DoorDash Inc. in 2023. Hilton Worldwide Holdings Inc. announced just a week ago that it would join the Nasdaq, another blow to NYSE.

The Nasdaq has been the favored home for major tech listings of late, with Elon Musk’s SpaceX and artificial intelligence giant Anthropic PBC both opting for the exchange.

Analysts from JPMorgan said Tuesday that they expect GM to join the Nasdaq-100 Index when it becomes eligible in December. Its market cap would make the carmaker the second-largest Nasdaq-100 non-member after Hilton, the analysts said in a note.

GM has been working on the new listing for more than a month with hopes that Nasdaq index funds will buy the stock and open the shares up to more investors, said a company spokesman.

Management has believed for some time that the shares are undervalued based on the company’s cash flow. GM announced a new US$20 billion round of share buybacks earlier in the month, adding to tens of billions already spent by the company buying back its stock since 2023. Despite the announcement, its shares fell that day as Barra warned of “intensifying challenges” ahead.

With assistance from Cailley LaPara