24/7 Wall St. Insights
- General Motors Co. (NYSE: GM) just released its new GMC electric pickup.
- At the same time, Ford Motor Co. (NYSE: F) killed plans for an electric SUV.
- Also: Dividend legends to hold forever.
Just as Ford Motor Co. (NYSE: F) announced a major slowdown in its electric vehicle (EV) business, GMC released a new pickup and said it would become the leader in the EV light truck market.
The new GMC Sierra EV Denali has a comparatively long range at 440 miles, and it only needs 10 minutes to get a 100-mile charge. It is also part of GM’s hand-free SuperCruise network.
CNBC’s headline about the launch was “GMC expects to outsell its electric truck competitors as it launches new Sierra pickup.” Duncan Aldred, global vice president of GMC, told the news channel, “We believe this is a totally different proposition than anything that’s been launched by anybody else before. So, we’re confident about the demand.”
At the same time that GMC announced its news, Ford killed a planned three-row SUV EV. As it announced this change in its EV plans, Ford said it would take a $1.9 billion write-off. Ford said it would focus on hybrids, which have sold well recently.
The Ford change is a huge one. Ford recently said it would invest $30 billion in its EV program and get capacity up to 600,000 EVs per year. Its EV flagship Ford-150 Lightning and Mustang Mach-E only sell a few units per month.
Whether or not the GMC sells well, General Motors Co. (NYSE: GM) is moving forward as Ford is moving into reverse.
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