Photo: GM
General Motors is confident it can achieve its new goal of building one million EVs annually by 2025, even though this is not enough to surpass Tesla as initially planned. Chevrolet Silverado, expected to launch next year, is GM’s first mass-market electric vehicle.
During the Q2 2022 investors’ call, GM CEO Mary Barra unveiled that the Chevy Silverado EV has already received 150,000 reservations from potential customers. Barra emphasized that 65 percent of those reservations come from people new to the brand. This shows that having an electric pickup in the lineup really pays off. On the other hand, many of them would flee to other brands should they be able to offer better electric trucks, or at least offer them sooner.
In a recent survey, Recurrent revealed that a shockingly-low 20% of Chevy Silverado reservation holders actually intend to buy GM’s electric pickup. Many of them have reserved several electric trucks, planning to buy the first that becomes available. This is why it’s imperative that GM will have the Silverado EV in time and in decent volumes to serve those customers who actually intend to buy it.
While the 150,000 reservations number was meant to impress, Mary Barra should not count on the amnesia of GM investors. We remember that Ford decided to close off the order book for its F-150 Lightning EV after reaching 200,000 reservations. GM is not even there yet with the Silverado EV, so there’s not much to celebrate. That, unless you count the other electric vehicles in GM’s portfolio.
Indeed, GM started sales of the GMC Hummer EV earlier in the year and is working hard to fill the 80,000 reservations it has got. According to the Q2 earnings deck (attached below), 42% of those reservations are from people new to GM and 75% from those new to GMC. No reservation numbers were revealed for the Cadillac Lyriq, although Barra mentioned that 70% of its customers are new to Cadillac. And GM recently announced two new models, the Chevrolet Blazer EV and the Equinox EV.
In a recent survey, Recurrent revealed that a shockingly-low 20% of Chevy Silverado reservation holders actually intend to buy GM’s electric pickup. Many of them have reserved several electric trucks, planning to buy the first that becomes available. This is why it’s imperative that GM will have the Silverado EV in time and in decent volumes to serve those customers who actually intend to buy it.
While the 150,000 reservations number was meant to impress, Mary Barra should not count on the amnesia of GM investors. We remember that Ford decided to close off the order book for its F-150 Lightning EV after reaching 200,000 reservations. GM is not even there yet with the Silverado EV, so there’s not much to celebrate. That, unless you count the other electric vehicles in GM’s portfolio.
Indeed, GM started sales of the GMC Hummer EV earlier in the year and is working hard to fill the 80,000 reservations it has got. According to the Q2 earnings deck (attached below), 42% of those reservations are from people new to GM and 75% from those new to GMC. No reservation numbers were revealed for the Cadillac Lyriq, although Barra mentioned that 70% of its customers are new to Cadillac. And GM recently announced two new models, the Chevrolet Blazer EV and the Equinox EV.
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