It appears that Tesla is about to meet its match in the off-road segment of the EV market. General Motors is scheduled to debut its newly redesigned fully-electric Hummer “supertruck” today, with plans to hit the market next year – likely ahead of long-anticipated Tesla Cybertruck. This will be GM’s first move acting as a rival against Tesla, and is part of the company’s restructured plan to create a zero-emission, zero crashes, and zero congestion future.
The newly redesigned Hummer EV pickup will come fitted with GM’s latest next-generation fast-charging batteries that offer 1,000 horsepower, 0 to 60 miles per hour acceleration in 3 seconds, and an impressive 11,500 pound feet of torque. Moreover, the pickup truck design is said to be very versatile, allowing customers to remove the doors and even the roof. The interior will come fitted with a digital cockpit that has been designed via GM’s partnership with Epic Games, as well a Super Cruise driver-assist highway system. Another much anticipated feature the Hummer will come with is the “crab mode,” which will allow the vehicle to drive sideways – an ideal feature for those that cringe at parallel parking.
The Hummer EV truck will be one of the first electric trucks hitting the market in 2021, and will likely arrive at dealer lots ahead of the launch of Tesla’s Cybertruck. The Hummer is one of GM’s first products stemming from its $20 billion investment in fully-electric and autonomous vehicles, and is expected to attract consumers into the EV market that would otherwise be uninterested. However, the truck is expected to be more of a lifestyle truck, and GM expects it to garnish the same popularity of its early 2000’s internal combustion engine predecessor – minus the criticisms of size and poor gas mileage.
According to GM, the EV Hummer will no longer be sold under a stand-alone brand, but rather under GMC. This is expected to save the automaker significant capital, and will give GMC its first electric vehicle as part of GM’s transition towards an all-electric lineup. In fact, GM CEO Mary Barra recently announced that the automaker plans to invest over $2.2 billion towards increasing electric vehicle manufacturing over the next several years. Despite the pandemic, the automaker has been faring well, and has recouped nearly all the losses from its March and April lows.
Information for this briefing was found via General Motors. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.