GM Chevy Silverado EV Reservations Hit 110,000

Chevrolet Silverado EV Demand and GM's Financial Results

General Motors has announced securing over 110,000 reservations for the all-electric Chevrolet Silverado. This figure encompasses reservations from more than 240 fleet operators, as detailed in the company’s year-end and fourth quarter report to shareholders, communicated by Chair and CEO Mary Barra.

Silverado EV Reservations and Market Appetite

These new reservation numbers for the Chevy Silverado EV arrive shortly after the RST First Edition variant experienced a sell-out within just 12 minutes. The data clearly demonstrates the substantial and growing consumer interest in electric pickup trucks within the U.S. market.

Production Increases by Competitors

Ford, GM’s primary competitor, recently declared plans to almost double the production capacity of its electric F-150 Lightning to 150,000 units annually by mid-2023. This increase is a direct response to the high level of customer demand.

Investor Reaction and Stock Performance

While the Silverado reservations indicate strong future demand and should have positively influenced investors, GM’s stock price initially declined following the market closure on Tuesday. However, the stock has since recovered, currently showing a 2.54% increase to $54.07.

Fourth Quarter Earnings Report

GM reported a fourth-quarter earning of $1.74 billion, equating to $1.16 per share. This is in comparison to $2.85 billion, or $1.93 per share, earned during the same quarter of the previous year.

The company’s fourth-quarter revenue reached $33.6 billion, slightly below the anticipated $34 billion projected by analysts. This represents a 10.4% decrease from the $37.5 billion in sales recorded in the year-ago period.

Impact of Chip Shortage and Future Outlook

Ongoing global semiconductor chip shortages impacted both sales and earnings. Despite these challenges, GM anticipates improved performance in the future.

The company has issued updated guidance for 2022, projecting an operating profit between $13 billion and $15 billion.

Electric Vehicle Strategy

A key component of GM’s plans for both 2022 and 2023 is the expansion of its electric vehicle production.

In April of last year, GM announced the development of an electric Silverado pickup truck as part of its broader strategy to deliver over 1 million EVs globally by 2025. The Silverado will be the company’s third electric truck, joining the GMC Hummer EV and the Sierra Denali.

Production of the Silverado is slated to commence in early 2023, with initial deliveries expected later that same year.

Silverado EV Features and Pricing

The Silverado EV was showcased for the first time at CES last month. The vehicle will offer a range of 400 miles and will be available starting at $39,900 for the base work truck (WT) model.

The fully equipped, four-wheel-steering RST First Edition, which has already sold out, will be priced at $105,000. Both models are scheduled to begin production in 2023.

Performance Specifications

The work truck will deliver 510 horsepower and 615 lb-ft of torque, while the RST will boast 664 HP and 780 lb-ft of torque.

The WT model will have a towing capacity of 8,000 pounds, compared to the RST’s 10,000-pound capacity.

The RST edition will incorporate advanced technological features, including a 17-inch LCD touchscreen, an 11-inch driver display, and a large heads-up display.

Generator Capabilities

Similar to the Ford F-150 Lightning, both the WT and RST editions of the Silverado can function as a 110v generator. The Chevy’s maximum output is 10.2 kW, exceeding Ford’s 9.6 kW.