GMC gives a first-look at its upcoming electric Sierra Denali pickup, previewing the truck’s unique and premium exterior lighting sequence.
Courtesy of GMC
General Motors fired another missile in the electric truck wars.
Wednesday, GM (ticker: GM) gave a sneak peak at an all-electric GMC Sierra Denali. That’s a bigger deal than investors might first expect. The GMC Sierra is a close cousin of the top-selling Chevy Silverado. Both trucks, for instance, come off of an assembly line in Indiana.
If a Sierra is coming, a Silverado can’t be far behind. GM will surely be intent on keeping its truck market share from EV startups including Rivian Automotive (RIVN).
It was a preview, but it was a short preview. If investors, or truck enthusiasts, looked away they might have missed it. GM produced a 19 second video showing first the grill for the coming GMC Hummer electric truck due in 2022 and then the grill for an electric GMC Sierra.
“Sierra Denali holds tremendous equity for GMC and our customers,” said Duncan Aldred, GMC vice president, in a company news release. “We now have an opportunity to evolve Sierra’s capabilities and technologies, as afforded by transitioning to an all-electric propulsion while also elevating the luxurious design and comfort associated with Denali.”
GM stock isn’t getting a bump from the surprise EV news. Shares are down about 1.5% in midday trading. The S&P 500 is down 0.2%. The Dow Jones Industrial Average is up about 0.1%.
It isn’t a great day for car or EV stocks. Ford Motor (F) shares are down 1.7%. Rivian shares are off 5.5%. Tesla (TSLA) shares are down 1.6% and have fallen for three consecutive days.
The electric Chevy Silverado is expected to be unveiled in early 2022 and likely go on sale in 2023. A electric Sierra could follow the same time line. GM didn’t respond to a request for more details about the Sierra.
GM sold about 414,000 Silverados in the first three quarters of 2021. The company sold about 191,000 Sierras. Silverado remains the bigger brand.
Before the Sierra arrives, U.S. truck buyers have the opportunity to buy the GMC Hummer, Ford’s electric F-150, Tesla’s Cybertruck and the Rivian R1T.
The EV truck market will be crowded, but that isn’t all bad. U.S. car buyers love trucks and SUVs. They account for roughly 60% to 70% of all new car sales in the U.S.
Write to Al Root at [email protected]
