Jim Cramer: GM 'Isn't Smart Enough' to Go Up Against Tesla

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GM unveiled its first all-electric Hummer--the 2022 GMC Hummer EV--on Tuesday night.

"Edition 1" of the Hummer EV pickup will be available next fall and will start at $112,595.

The truck will have 350 miles of range on a full battery. The Hummer EV also will be capable of charging at rates of up to 100 miles in 10 minutes.

“This is all about people who just love the best in automotive innovation, performance, capability, and technology,” GMC Vice President Duncan Aldred told CNBC. “These are the people who you may have seen buy the exotic sports car type brands. This will be the must-have item.”

And this announcement came after GM announced that its Spring Hill, Tenn., plant, GM plans to build the first fully electric Cadillac, the Lyriq SUV, Bloomberg and the Associated Press reported.

The Lyriq small SUV is scheduled to debut in showrooms late in 2022, according to AP.

Sources told Bloomberg that GM would invest in other factories, too. The total investment will easily top $1 billion but won’t involve hiring more employees, according to Bloomberg.

The other two EV plants, which GM already announced, are in Orion Township, Mich., and Detroit-Hamtramck, at the border of Detroit and the hamlet of Hamtramck.

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