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GM Expands EV Offerings With Electric Silverado Pickup Truck

The Silverado EV will offer an estimated 400-mile range and up to 664 horsepower, GM said. Prices will start at $39,900.
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General Motors  (GM) - Get General Motors Company Report on Wednesday introduced an electric Chevrolet Silverado pickup truck, expanding the Detroit auto giant's electric-vehicle offerings.

The move comes as Stellantis's  (STLA) - Get Stellantis N.V. Report Chrysler, the nearly 100-year-old, venerated American car brand, is joining the electric-vehicle scrum, introducing its first EV. Stellantis itself said it would go full battery electric by 2028.

In addition, the Japanese electronics giant Sony  (SONY) - Get Sony Group Corporation Report is thinking of joining the electric-vehicle market, and it unveiled an electric sports utility vehicle prototype.

And withal, the move comes a day after Ford Motor  (F) - Get Ford Motor Company Report doubled the output goal for its electric pickup, the F-150 Lightning.

The Silverado EV will offer an estimated 400-mile range, available four-wheel drive, a fixed-glass roof and a load floor of up to 10 feet, 10 inches, GM said. It will have up to 664 horsepower and up to 10,000 pounds of maximum trailering.

Prices will start at $39,900, going up to $105,000. GM expects to start selling the 2024 Silverado EV at dealerships early next year.

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GM also unveiled an electric Chevrolet Equinox sports utility vehicle starting around $30,000 and a larger Chevrolet Blazer EV SUV. Those two vehicles also are slated to be available in 2023.

In addition, “GM is working to build an EV movement beyond its retail business through the BrightDrop ecosystem, the Chevrolet Silverado EV Work Truck, and even component sales for commercial and recreational vehicles,” the company said.

“Customers planning to place fleet orders include FedEx  (FDX) - Get FedEx Corporation Report and Walmart  (WMT) - Get Walmart Inc. Report (BrightDrop EV600), as well as Enterprise and Quanta (Chevrolet Silverado EV).”

GM recently traded at $64.18, down 2%. Morningstar analyst David Whiston puts fair value at $68.

“GM’s fourth-quarter 2021 U.S. deliveries fell 42.9% from fourth-quarter 2020,” he wrote Tuesday. “However, the latter is a tough comparable given it was GM’s best retail channel (non-fleet) quarter since 2007….

“GM’s volume declines sound bad, but we believe mix and pricing continue to look favorable for earnings.”

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