GM Stock Dropped Despite the Chevy Silverado Ev’s Longer Range

GM Stock

GM Stock (NYSE:GM)

General Motors (NYSE:GM) is anticipated to begin production of the electric Silverado pickup truck this month, with first deliveries occurring later in the spring. The Silverado RST is scheduled to enter production this coming autumn.

GM stock officials shocked the media when they announced the Chevrolet Silverado EV truck’s range would be 450 miles on a full charge, surpassing the range of competing EV trucks such as the Ford Lightning pickup, Rivian Automotive’s R1T, Lordstown Motors’ Endurance, and GM’s (NYSE:GM) own GMC Hummer pickup. GM President of North America Rory Harvey said, “When you look at that range, particularly concerning the work truck, which is predominantly a fleet vehicle, we believe that gives us a competitive advantage in terms of those fleet customers.” As an electric truck, the Silverado EV may one day compete with Tesla’s (NASDAQ:TSLA) Cybertruck.

The Silverado EV will have up to 785 lb-ft of torque, 754 hp, a 0-60 mph pace of less than 4.5 seconds, and a towing capability of up to 10,000 lb, as announced by General Motors. Notably, the Ultium platform from General Motors is being used to construct the electric truck. On GM’s website, they put the base price as $39,900.

An early summary from Car & Driver: “The 2024 Chevrolet Silverado EV seems like a more traditional take on the electric pickup truck. Some may remember the discontinued Avalanche pickup truck from the early 2000s with the optional midgate design, which enables owners to fold down the partition between the bed and the cab for more storage space. According to the manufacturer, the big battery pack may extend the driving range by up to 400 miles per charge, and the DC fast-charging technology can add 100 miles of range in only 10 minutes. The Silverado EV can tow up to 10,000 pounds and carry up to 1,300 pounds of cargo thanks to its standard all-wheel drive and 664 horsepower from its dual electric motors.

In premarket trade, GM stock rose 0.43% to $33.04, higher than its 52-week range of $30.33 to $43.63.

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