Tesla’s stock was up nearly 3% in after-hours trading yesterday after it reported a fifth straight quarter of profit. The company is up nearly 400% on the year and remains in the top 10 most valuable American corporations. Electric vehicles seem to be all the rage these days, so GM is trying to capitalize on all the enthusiasm in the industry.
The company unveiled a new line of electric vehicles from a brand where few may have expected it. Hummers have been known in the past for their size and relative inefficiency, but the new line of trucks will be electric. GM has claimed the innovation, technology and performance of the 2022 GM Hummer EV will make it the world’s first supertruck.
The car manufacturer will produce one sport model, with it boasting a 0 to 60 time under three seconds, and another model geared to off-road use. The vehicles will have fast charging that provides 100 miles of range in 10 minutes and a driver assist system that allows for hands free driving on the highways.
The release is more meaningful than just another luxury electric SUV on the market. These vehicles will be the first GM releases with an abundance of new technologies aimed at their goal of eventually making it to triple zero. Zero crashes, zero emissions, zero congestion.
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.