General Motors said on Tuesday that it would move its stock listing to Nasdaq from the New York Stock Exchange in an effort to attract investors by casting itself as a technology-driven firm.
The automaker is the latest company to make the switch to Nasdaq, which is home to the stocks of some of the world’s largest tech companies, including Nvidia and Apple.
G.M.’s chief financial officer, Paul Jacobson, said in a statement that Nasdaq was a “natural home” for the company as the automaker pursues a “customer-focused, technology-driven strategy.”
The company has been working to pack its cars with new technologies, including systems that can allow drivers to take their hands off the wheel and eyes off the road in certain conditions.
The company’s stock will stay on the New York Stock Exchange through the end of trading on Nov. 16. G.M. first listed on that exchange in 1911.
Other companies have left the New York Stock Exchange for Nasdaq in recent years, including Walmart, Etsy and Palantir. The tech-focused exchange has also attracted companies like SpaceX and Anthropic that have recently completed or are attempting initial public offerings at trillion-dollar valuations.
Listing exclusively on the Nasdaq will make G.M. eligible for inclusion in the Nasdaq-100 index, something the company noted in its announcement. G.M.’s shares were up more than 6 percent around noon on Tuesday after the announcement.
Being included in the Nasdaq-100, which tracks the largest companies listed on the stock exchange, excluding financial firms, has a lot of advantages. Funds and portfolios tracking the Nasdaq-100 total $1.4 trillion, according to Nasdaq.
If G.M. was included in the index, managers of those funds and portfolios would have to buy the company’s stock, which could push up the company’s share price.
G.M. has sought in recent years to burnish its standing with investors by, among other things, spending billions of dollars on buying back its stock. Last week, the company announced it would buy back $20 billion worth of its shares.
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