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General Motors Teases GMC Hummer EV In Foray Into Electric Truck Race

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General Motors Teases GMC Hummer EV In Foray Into Electric Truck Race

General Motors Inc.'s (NYSE: GM) GMC Hummer EV was due to be revealed in May 2020 but now has been pushed back due to COVID-19. 

In a national television ad back in February, GM announced that it was entering the electric truck market with its GMC Hummer.

On Wednesday, GM revealed the first teaser of the model. 

The GM Analyst: Wedbush analyst Daniel Ives maintained a Neutral rating on GM. 

The Takeaways For GM: Electric trucks are an emerging segment, with Tesla Inc.'s (NASDAQ: TSLA) Cybertruck now up to an eye-popping 700,000 pre-orders, Ives said in a Thursday note. (See his track record here.)

In the announcement for the Hummer EV, GM stressed the fact that "electric trucks would be a true mark of progress toward a world with zero emissions," the analyst said.

GM also said that its battery-driven trucks would have a range of 400 miles on a single charge without compromising efficiency.

With the display of the teaser, GM is in the mix with Tesla's Cybertruck and Nikola Corporation's (NASDAQ: NKLA) Badger, Ives said. 

What's Next: The Hummer EV is expected to go into production in late 2021, with deliveries starting soon after, according to Wedbush. 

GM is also expected to reveal 20 new models by 2023, the analyst said, adding that it's an impressive number across product lines. 

With the rising popularity of electric vehicles in general, GM said it is targeting 1 million in annual EV sales in five years, according to Wedbush. 

GM Price Action: GM shares were trading down 2.68% at $24.52 at the time of publication Friday. 

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Latest Ratings for GM

DateFirmActionFromTo
Aug 2020CitigroupMaintainsBuy
Jul 2020Deutsche BankMaintainsBuy
Jul 2020BarclaysMaintainsOverweight

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