GM Confirms It's Working On A Third Electric Pickup And It Will Be A Full-Size Truck - General Motors (NYSE:GM)

General Motors Co GM is working on a GMC electric pickup truck to follow the GMC Hummer EV and the electric Chevrolet Silverado, a company executive said at a media event on Monday, as reported by CNBC.

What Happened: The Hummer EV pickup was unveiled in October last year with deliveries slated to begin this fall. The electric Chevrolet Silverado was confirmed in April.

Duncan Aldred, global head of GMC, did not disclose the launch timeline but said the vehicle is in advanced stages of planning, as per CNBC. Aldred said the pickup would be a full-size truck.

Aldred said GMC sees EV adoption happening "fairly quickly," especially with the support of President Joe Biden, the Detroit Free Press reported separately. The executive added that the automaker is "confident it is well-positioned" in the "huge segment" that still has "relatively few competitors."

Why It Matters: The Detroit-based legacy automaker is boosting investments to switch 40% of the company’s U.S. volume to battery electric vehicles by the end of 2025.

GM is pumping in $35 billion through 2025 to develop electric and autonomous vehicles and aims to launch 30 all-electric models globally by 2025.

Automakers around the world, including Volkswagen Ag VWAGY are setting tighter deadlines and setting aside billions of dollars for a fast switchover to a fully electric vehicle lineup, a disruption brought in and accelerated by Elon Musk-led Tesla Inc TSLA.

GM will be among the first automakers to launch an electric pickup later this year. Amazon.com Inc AMZN-backed Rivian has deliveries lined up later this year. Ford Motor Co F has also revealed plans to launch the F-15- Lightning truck next year.

Price Action: GM shares closed 2.3% lower at $54.18 on Monday.

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Photo: Courtesy of GM

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