Supply exceeds demand! Orders exceed 90,000 GM closes reservations for Hummer electric pickup and SUV
General Motors Company (NYSE:GM) (GM.US) will close reservations for the Hummer electric pickup truck and the upcoming Hummer electric SUV, after more than 90,000 reservations have been made. Closing reservations is a way for GM to try to complete its current list of reserved vehicles, both of which are already scheduled for production through 2024.
The number of reservations is notable because the vehicles start at about $85,000-$111,000.
GM said it plans to close reservations for both cars starting Thursday. Anyone wanting one of these cars will have to reserve it by the end of Wednesday.
GM has been slowly ramping up production of the Hummer electric pickup since earlier this year. As of the end of June, the company had delivered fewer than 400 units. deliveries of the SUV version are expected to begin to dealers and customers in early 2023.
The SUV should be produced faster than the electric pickup, said Duncan Aldred, GM's global chief. The Hummer electric pickup is the first consumer-grade vehicle to use GM's next-generation Ultium battery and vehicle platform.
GM's decision comes after Ford Motor (F.US) shut down reservations for its F-150 Lightning electric pickup after sales reached about 200,000 units. Ford also closed reservations for the electric Mustang Mach-E crossover, but later reopened them.
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