GM is coming for the Ford F-150 Lightning.
The EV truck market is about to explode, and it looks like it's going to be a race between GM and Ford. Both companies have set lofty sales targets for their burgeoning EV lineups, and Chevrolet and Ford are already enjoying massive demand for the Silverado EV and F-150 Lightning. Earlier this year we reported that Chevrolet had sold all of its first-edition Silverado EV trucks within 15 minutes of its launch, and that between the upcoming Hummer EV and the Silverado EV, GM had already racked in over 170,0000 reservations. That figure has since ballooned to epic proportions, and GM now says that it has received 140,000 reservations for the Chevrolet Silverado EV alone.
GM CEO Mary Barra made the claim during GM's first-quarter earnings presentation on Tuesday, and it comes after the company outsold its biggest truck competitor the Ford F-Series in the first quarter of 2022, albeit with the combined sales figures of the Silverado and GMC Sierra. With 140k reservations in the bag, Chevrolet is surely happy with the interest shown in its new all-electric pickup, but Ford is still outshining the Silverado.
Ford stopped taking new orders for the F-150 Lightning in December when it had already topped 200,000 reservations, and production of this highly anticipated truck officially started two days ago. News of the excellent reservation figures helped GM's shares rally by close to a percentage point in after-hours trading, but the company reported a decline in net earnings for the first quarter of the year.
GM is betting big that its new range of EV models will bolster sales by the end of the year, and the Chevrolet Silverado EV should prove to be a bastion during these uncertain times. The Silverado EV will sell from $39,900 for the WT, up to $105,000 for First-Edition models. The WT (Work Truck) will feature a combined 510 horsepower and 615 lb-ft of torque, and RST models will get 664 hp and over 780 lb-ft. Expect towing capacities of over 20,000 lbs when combined with the Max Tow package, and a range of up to 400 miles. The Silverado EV might just be GM's ticket into the EV mass market.