Did GMC Just Top Ford in EV Plans?

By Douglas A. McIntyre Published Aug 23, 7:10AM EDT

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Did GMC Just Top Ford in EV Plans? — © shaunl / iStock Unreleased via Getty Images

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General Motors Co. (NYSE: GM | GM Price Prediction) just released its new GMC electric pickup.
At the same time, Ford Motor Co. (NYSE: F) killed plans for an electric SUV.
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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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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.