The GMC brand is targeting the top spot for EV truck sales in the U.S. with the release of the new Sierra EV pickup with an excellent trim level.
The Sierra EV joins the Hummer EV in GMC’s EV truck lineup. The Hummer EV is also available as an SUV. To outsell the competition, the GMC Sierra EV will need to beat out the Chevy Silverado EV, plus rivals from Ford, Rivian, and Tesla.
GMC Sierra EV Faces the Competition
The competition for top sales in the EV truck segment is fairly stiff as various brands enter the ring. Along with the new Sierra EV, there’s also the Chevy Silverado, the Ford Lightning, the Hummer truck, Rivian models, and even the Tesla Cybertruck. However, GMC is optimistic that the Sierra will become the top seller in its lineup.
Current GMC trim levels for the Sierra are limited with the $100,000 Edition 1 version. However, lower-priced variants will hit the market next year to diversify the customer base. GMC hasn’t said when it expects to take the lead in EV truck sales, but it expects to outsell the Silverado and other rivals.
Despite the similar price range, GMC also does not see the Cybertruck as direct competition. The reason is that internal data reveals that most Cybertruck buyers are already Tesla owners. In other words, Cybertruck buyers are not regular truck buyers, they’re Tesla buyers.
Developing EV Truck Market
Automakers have been rushing to release EV pickup truck models to compete with the eventual release of the Cybertruck. Tesla’s plans to build an EV pickup led to fears that the automaker would dominate the EV truck market as it has already done with EV cars.
However, the EV market has remained slower than expected and the EV truck market has yet to get off the ground. As mentioned above, the Cybertruck isn’t a traditional truck in many ways and regular truck buyers are far less likely to be interested in one.
In the first half of the year, the EV pickup truck market consisted of about 38,500 vehicles, including retail and fleet sales. In comparison, over a million traditional or hybrid full-size pickup models have sold through the first half of this year.
Building the Brand
The GMC Sierra EV, which includes a Denali edition, should continue to help GMC build its brand with regard to pricing and reputation as a purveyor of premium trucks. GMC has managed to keep above-average prices on high-end models thanks to the Denali editions and the off-road AT4 models.
For example, the regular Sierra truck sells for an average price of about $60,000, which factors in sales of the Denali and Denali Ultimate models. Prices for the EV Sierra Denali haven’t been released yet, but it’s rumored that it could be eligible for the federal tax credit. That means it would have to be priced at less than $80,000.
Meanwhile, the Denali sub-brand now makes up 34% of GMC’s sales, which has helped give the brand seven years of consecutive growth.
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