An increasing number of companies are entering the electric transportation sector as world leaders intensify their efforts towards climate change.
GM Buys 25% Stake in Pure Watercraft
General Motors, one of the leading automobile manufacturers in the United States, announced that it had acquired a 25% stake in Pure Watercraft, a Seattle start-up that manufactures electric outboard motors for boats.
Pure Watercraft CEO Andy Rebele told CNBC earlier today that “The boating market is growing like it hasn’t since post-World War II. During the pandemic, people wanted to do things with their families, with their pods. Going out on the water is one of the ideal things to do.”
The company utilizes lithium-ion batteries, replacing about 40- to 50-horsepower outboard motors that burn gas or diesel. Pure Watercraft’s systems are much quieter and cleaner compared to the traditional boats that contribute to environmental problems, including noise pollution, smog, and water pollution.
Rebele said the electric board industry is set to grow even bigger over the coming years as more people adopt greener means of transportation.
GM to Expand its Presence in the Electric Transport Sector
General Motors is one of the companies that has made a commitment to become all-electric. The company announced its plans to go all-electric earlier this year, and investments such as Pure Watercraft would increase the company’s presence in the emerging sector.
GM CEO Mary Barra pointed out last month that the company is interested in marine electric transportation. GM is set to become a supplier of components to Pure Watercraft and will help with the engineering, design and manufacturing of the boats.
GM’s stock is up by more than 4% since the company announced this latest development. At press time, GM is trading at $64.06 per share and could rally higher over the coming weeks. Since the start of the year, GM has added more than 53% to its value, making it one of the best performers in the automobile sector.
This article was originally posted on FX Empire