Close to a combined 170,000 reservations have been confirmed for both its new products.
General Motors may be a bit late to the electric truck market, but based on initial reservations, it looks like there is strong demand for both the Chevrolet Silverado EV and GMC Hummer EV. As part of its 2021 fourth-quarter earnings announcement, GM confirms that the Silverado EV reservations are already over the 110,000 mark while the Hummer sits close to the 59,000 figure.
This level of interest from consumers must come as a relief to GM considering it has invested billions of dollars in the development of its Ultium Platform, on which both of these trucks are based. With this demand and the group's adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) of $14.3 billion in 2021, GM is doubling down on its Ultium Platform and other EV products by pledging an additional $7 billion to expand its battery cell and EV assembly capacity.
It's no surprise that demand for the Chevrolet Silverado EV is so high. When it was revealed at this year's Consumer Electronics Show, reservations for its RST First Edition range were filled in just 12 minutes. This new product from the brand has also caught the attention of corporations as GM confirms that more than 240 fleet operators and counting have officially expressed a desire to purchase the electric truck.
Considering that these products are so popular and that stock could be an issue due to the supply chain crisis, several potential buyers have taken to social media in an attempt to prevent dealers from marking the truck up.
First deliveries for the GMC Hummer took place late last year as production models began to roll off the assembly line at the group's Detroit, Michigan plant. This took place a few months after the very first model was auctioned off by Barrett-Jackson in March for $2.5 million.
Just before deliveries started, a report suggested that 125,000 users had registered interest in the Hummer via the brand's website. It's not on the same level as a reservation as it doesn't require an up-front fee but it's understood that 20 to 30% of these users usually end up following through on a sale. If true, that means we can expect at least 25,000 sales – more than half of the confirmed reservation number. Watch out, Ford.
Keyword: GMC Hummer And Chevrolet Silverado EV Demand Is Insane