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GM Unveils 'Supertruck' EV Hummer, With 350-Mile Range For $112,595

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GM Unveils 'Supertruck' EV Hummer, With 350-Mile Range For $112,595

General Motors Company (NYSE: GM) unveiled the GMC Hummer electric pickup truck on Tuesday — touting it as a “supertruck.”

What Happened: The “Edition 1” launch version of the vehicle will be available starting next fall, with a price starting from $112,595. According to GM, reservation for Edition 1, which comes with white exteriors, are already "full."

The 1,000 horsepower, 350-mile range, 11,500 pound-feet of torque EV can go from zero to 60 miles an hour in three seconds, according to GM.

The pickup offers an adaptive air suspension and what GM calls a “crab mode” that allows it to be driven almost diagonally.

A $99,995 version of GMC Hummer will follow a year later, in fall 2022. Two other models, priced at $89,995 and $79,995, will become available in spring 2023 and 2024, respectively. The cheapest of the line comes with an estimated mile range upward of 250, while the other two are estimated at above 300.

The vehicle will be made at the “Factory Zero" in Detroit, a reference to the company’s move towards making zero-emission vehicles, for which it is pumping in $2.2 billion in new investments.

Why It Matters: The three-year launch frame of the vehicle would allow GM's joint venture with LG Chem to ramp up battery production at its Lordstown, Ohio plant, noted CNBC.

The Hummer EV is likely to compete with similar offerings from Tesla Inc (NASDAQ: TSLA), Ford Motor Company (NYSE: F), and Rivian.

Among the competitors, Tesla’s Cybertruck would be available for $39,000 and capable of pulling 7,500 pounds and driving 250 miles on a full charge for the single motor version. Dual and Tri motor versions would reportedly be available for $49,000 and $69,000 respectively.

For its EV foray, GM also agreed to pick up an 11% stake in Nikola Corporation (NASDAQ: NKLA) in early September, but the closing of the deal remains delayed in the aftermath of short seller allegations against Nikola.

Price Action: GM shares closed 6.75% higher at $35.60 on Tuesday and gained 2.75% in the after-hours session.

See Also: 

General Motors Stock Soars Ahead Of Hummer EV Reveal

GM Expected To Announce Expanded Electric Vehicle Production

 

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