EV in the fast lane

GM seen riding Hummer into EV fast lane
Oct. 28, 2020 9:04 PMGeneral Motors Company (GM)F, TSLABy: Clark Schultz, SA News Editor
Wedbush Securities analyst Dan Ives says the GMC Hummer EV will be one of the foundational models of the $20B push by General Motors (NYSE:GM) into the EV space over the next five years.

The Hummer EV will originally list at roughly $113K to be followed with models from 2022 to 2024 at lower prices. Production is slated to begin late next year. GM is targeting selling 1M EVs a year across China and the U.S. in five years.

The big bet in EVs is seen paying off. "In a nutshell, given its massive distribution, installed base, and EV R&D/battery framework we believe GM has a strong opportunity to establish itself as a major player in the EV market over the next decade," writes Ives.

That won't necessarily come at the expense of Ford (NYSE:F) or Tesla (NASDAQ:TSLA). "We note the leader in the pick-up truck market Ford sells roughly 1 million F-150 pickups per year. We believe the EV pickup opportunity will have multiple winners and ultimately opens up a new leg of growth for the US EV market starting in 2022," observes Ives.