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.…