Electric Silverado Pickup To Follow Electric Hummer: What GM Investors Should Know

Shares of General Motors Company GM have turned in an impressive run in 2021 as the company pushes forward its plan to shift to being an electric vehicle automaker.

What Happened: An electric Chevrolet Silverado pickup from General Motors is coming after new electric vehicle offerings under the company's Hummer brand, CNBC reported earlier this week and was later confirmed by the company.

The electric Silverado pickup will be produced at a new flagship assembly plant for electric vehicles in Detroit. The factory is expected to produce the GMC Hummer pickup and the autonomous shuttle under the Cruise Origin brand.

“The vehicles coming from Factory Zero will change the world and how the world views electric vehicles,” GM President Mark Reuss said in a statement.

Factory Zero is a 4.5 million square foot factory that is the first of four planned factories in the U.S. to help the company's shift to electric vehicles.

The new electric Chevrolet Silverado pickup is estimated to have a range of 400 miles.

No production date was given for the electric Chevrolet Silverado pickup.

Related Link: General Motors Debuts New Logo Amid Electric Vehicle Marketing Campaign

Why It’s Important: General Motors is investing $2.2 billion in the new factory called Factory Zero that could be a key component as the company shifts from internal combustion engine vehicles to electric vehicle manufacturing.

General Motors plans to release 30 new electric vehicles globally by 2025 and 1 million units annually. The company plans to be an exclusive electric vehicle automaker by 2035.

“The GMC Hummer EV SUV joins its stablemate in the realm of the supertrucks and Chevrolet will take everything Chevy’s loyal truck buyers love about Silverado – and more – and put it into an electric pickup that will delight retail and commercial customers alike,” Reuss said.

The electric Hummer pickup is expected to be sold in the fall of 2021. A Hummer electric SUV is reported for an early 2023 release to market.

GM Price Action: Shares of General Motors were down 1% to $60.09 on Thursday. Shares are up 46% year-to-date.