U.S. automotive giant General Motors (GM) has unveiled a fully electric Chevrolet Silverado pick-up truck with a price tag of $40,000 U.S.
The electric Silverado is expected to enter production later in May and compete against rival
Ford Motor Co.’s (F) Lightning F-150 electric pick-up truck and Rivian Automotive’s (RIVN) R1T electric truck.
The Silverado will initially be produced as a work truck for fleet buyers with a range of 450 miles per battery charge.
GM said the electric Silverado will be made available for consumers to buy this fall at a starting price of $40,000 U.S. with a battery that can last for 350 miles, topping Ford’s Lightning model by about 30 miles per charge.
General Motors has already launched an electric version of its Hummer truck that costs a minimum of $80,000 U.S.
Competition among electric trucks is heating up.
In 2024, Stellantis (STLA) will start building its electric Ram pick-up truck, called the Revolution, with an expected driving range of 500 miles on a single battery charge.
GM’s stock has fallen 9% in the last 12 months to trade at $32.86 U.S. per share.
