Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
General Motors has revealed plans for a new GMC Hummer EV, a reproduction of the old vehicle line. The company’s stock has not reacted yet but things could change.
Michigan-based General Motors (GM) is turning heads with a new announcement. The automaker has announced that it will resurrect the popular Hummer truck, making it all-electric, and a lot more power-packed than previous offerings.
The New GM Hummer
Describing it as a “super truck”, GM has said that the new vehicle will be launched as a GMC. It will be called the GMC Hummer EV as it is an all-electric vehicle and will have improved torque and acceleration. The company says that the new GM Hummer will come with 1,000 horsepower and will have acceleration from 0-60 miles in only 3 seconds.
GM began to tease the new Hummer in a few GMC videos which will culminate in the main ad. The main video will be 30 seconds and dubbed “Quiet Revolution”. It is expected to air at the Super Bowl and will feature NBA star Lebron James. GM plans to make a big announcement by May 20.
The company seems optimistic about the new product. Global Buick and GMC Vice President Duncan Aldred in a recent statement said:
“GMC builds premium and capable trucks and SUVs and the GMC HUMMER EV takes this to new heights.”
Speaking to CNBC, the President of Marketing at GMC, Phil Brook, also praised the new GM Hummer. Brook said:
“It’s a combination of an incredibly capable truck and a supercar…It is very different from anything we’ve ever done before.”
But that’s all the information, if any at all, that GM is willing to reveal about the new Hummer. Apart from the horsepower, acceleration, and a specified 11,500 of torque, GM is saying nothing else. No one has any idea how much the new truck will cost.
Back in 2009, GM announced it will permanently terminate the production of the Hummer. At the time, the company was struggling with issues including bankruptcy. However, on Monday, GM announced that it will invest $2.2 billion into its Detroit plant, aimed at producing the new Hummer and other EVs. Another $800 million will be invested in tools and other EV-related projects.
Production will begin in Michigan, in the fall of 2021.
Tesla’s Cybertruck vs GMC Hummer EV
In November last year, Tesla unveiled its Cybertruck. The all-electric futuristic SUV is advertised to be “ultra-hard” and doesn’t come with the sleekness well known of the other Tesla models. When it was released, the Cybertruck was repeatedly mocked by big brands including LEGO and Pepsi. Even Tesla’s stock TSLA only gained about 0.74% in response, hitting $354.83.
Today, Tesla’s story has completely changed. The company has said that production will begin in 2021 but the expectation for the vehicle has now skyrocketed. The Cybertruck might not exactly be the reason Tesla stock is currently surging non-stop. But the vehicle eventually did wonders for the company.
Based on this, good tidings might well come from GM’s announcement. GM’s stock is currently trading at $33.33 and not much has changed since the announcement. The company has lost 2.86% over the last 5 days, and 8.23% over the last month.
Regardless, whether because of anticipation or nostalgia for the old Hummer line, a lot could change with time, just like it did with Tesla.