Could This Be The Next Big Electric Vehicle For General Motors?

One of the leading traditional automakers is working to transition to electric vehicles with plans for more than 30 models in the future. A new report could highlight the company’s next electric vehicle model which targets a growing market.

What Happened: Pickup trucks continued to dominate the annual rankings for vehicle sales in the U.S. with the top three models and five of the top 10 belonging to the vehicle class.

General Motors Company GM has plans to release electric vehicles across categories such as SUVs, pickup trucks, crossovers and luxury vehicles.

The company’s goals also included being one of the most affordable companies in the electric vehicle space with the Chevy Bolt EV starting at $26,500.

One of the next planned vehicles to launch is the Chevy Silverado EV, the company's take on its bestselling pickup truck brand. The Chevy Silverado EV will have a range of 400 miles and come with a starting price of $39,900 according to Electrek.

A new report from Automotive News said the company was working on a compact electric pickup truck. After the news site saw the truck at a design studio in Warren, Michigan, its report stated the truck is “futuristic and sporty."

Also according to the report, the new truck could be offered at a price of under $30,000. There were no guarantees the truck in development would hit the market or be available at this key price.

Related Link: After GM's Q3 Earnings Beat, Why This Analyst Says 2023 Pivotal

Why It’s Important: The pickup truck market is one of the keys in the automotive sector and many companies are working on electric versions to cater to truck owners and the shift of electrification for the sector.

The F-150 Lightning from Ford Motor Company F quickly became one of the bestselling electric pickup trucks and had Ford seeing supply issues with keeping up with demand.

The Ford Maverick, a compact pickup, saw demand increase with sales up 460% in the last year.

Rivian Automotive Inc RIVN launched the R1 and had strong demand for its pickup truck.

One of the most anticipated vehicle launches of 2023 across all classes and models is the Cybertruck, the electric pickup truck from Tesla Inc TSLA. The truck saw huge demand from day one and had more than one million reservations according to third-party reports.

When adding up the two factors of the electric pickup truck market — seeing increased competition and the sale of compact pickups rising — General Motors could have a winning formula and a way to get a boost ahead of Ford and Tesla and dominate a particular sub-sector of the market.

If General Motors can keep the price of the compact pickup truck in line and below fuller-size pickup truck models, this could be an important catalyst for the automotive company in the future.

GM Price Action: General Motors shares are down 0.084% to $35.69 on Friday afternoon.

Read Next: Here's More Evidence Tesla's Cybertruck Could Soon Move Into Production

Photo: 2024 Chevrolet Silverado EV RST preproduction model courtesy General Motors