The GMC Hummer EV pickup has struck the sweet spot of excitement and rarity with consumers, causing the price of the vehicle at auctions to skyrocket to more than $250,000 per truck.
Electric pickup trucks are in high demand. For years, nearly every electric pickup program has been sold out. Ford famously had to stop taking pre-orders for its F-150 Lightning pickup truck because it had far more reservations than anticipated.
Even those that are currently on the market, such as the Rivian R1T, have enough pre-orders to cover their respective production ramps for the next years. Then there are vehicles like the Cybertruck, which allegedly has over a million bookings and now has its own backpack.
The GMC Hummer EV was not expected to be as popular due to its high price, which starts at $80,000 for an upcoming basic model that won’t be available until 2024. The current production version has an MSRP of $112,000 right now. But despite its high price, the Hummer EV is seeing even higher demand.
GM disclosed in March that it had over 65,000 reservations for the Hummer EV before inviting the press to test drive the “Supertruck”.
When you combine all of that demand with the reality that GM is just slowly scaling up production, having delivered only 99 units of the Hummer EV in Q1 2022, you start to see bidding wars and price increases as par for the course.
With only a few units available, two Hummer EV pickups sold for more than $250,000 each on the same day on April 27 in Texas where they do everything bid. Here’s one of them:
Given that this is a dealer auction, the purpose here is to presumably sell the vehicle again for a better price. That means the buyer expects to make a return on their investment which could see the next sale price of this Hummer EV hit or even exceed $300K. I guess the Hummer EV is living up to its “Supertruck” name by commanding Supercar prices.
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