GMC Hummer EV – GM’s Ambitious Premium EV Play
[Oct. 21, 2020]
GMC finally (virtually) unveiled the highly anticipated Hummer EV pickup this week. Other than more styling and feature details, a lot of the specs had already been revealed. Namely, 1,000 (estimated) horsepower, 0-60 in 3 seconds, and a (somewhat dubious) claim of 11,500 lb-ft of torque.
We now know about four-wheel steering, “Crab Walk” mode, air suspension, UltraVision cameras with up to 18 views, Super Cruise, 800V fast charging, and Hummer’s version of Ludicrous mode, dubbed “Watts to Freedom.”
Sure to appeal to outdoor enthusiasts is the Infinity Roof removable glass panels and power rear window. Disappointingly for this former Chevy Avalanche owner, a Midgate was not one of the announced features.
The Hummer EV enters what’s about to be a crowded marketplace with the Rivian R1T, the Tesla Cybertruck, and the Ford F-150 EV, among other startup intenders, such as the Lordstown Endurance and the uncertain future of the Nikola Badger (which would likely share a platform with the Hummer and future Chevy EV truck anyway).
GM also announced pricing on the Hummer EV truck. The “Edition 1” model, scheduled to go on sale Fall 2021, is on offer for $112,595, including destination. Too rich for your blood? The Hummer EV 3x, coming in fall 2020, will go for $99,995. There’s also an EV 2x coming in spring 2023 for $89,995, and for the bargain-hunter, the EV 2 for just $79,995, available in spring 2024.
GM has publicly pledged its Ultium-based EVs will be profitable from day one. With its ambitious pricing, the Hummer’s appeal will be necessarily limited. Can it keep up the level of interest without resorting to incentives while fending off the other EV truck newcomers? GM has said a Chevrolet EV truck is coming by 2025. The F-150 EV, coming in model year 2022 will undoubtedly be the first or second-place volume leader (if we’re talking purely EV trucks). But for now, the Hummer EV seems to be in high enough demand that GMC’s website already lists that reservations for Edition 1 are full.
Technologically, the Hummer EV and the Ultium platform certainly seem to be a formidable foundation for a capable truck. However, GM will be testing the limits of what customers will be willing to pay for an EV truck. This is not GM’s first six-figure vehicle, and will probably not be its last.
But we’ve been down this road before of GM over-pricing models, and then ultimately capitulating to market realities by slashing prices either at the MSRP level, or dealers having to cut prices to move metal off the lot. Remember the Cadillac ELR? Cadillac and GM would probably rather you forget the handsome, but ridiculously overpriced two-door Volt that launched with a $75,000 price, that was ultimately dropped $10,000 before incentives. The grand total of sales for the four years the ELR was in production? A whopping 2,958 units.
Simply by virtue of it being a truck, the Hummer EV will certainly sell better than the ELR. However, with pricing in the realm of Range Rover and higher-end Mercedes and BMW models, as well as an unproven re-launched brand, GM is making an ambitious bet that the market is ready to embrace the new, green, high-tech Hummer.
(Images courtesy GMC)
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