If you were waiting on an electric GM truck similar in size to the Ford Maverick, you may be out of luck. GM is reportedly canceling plans to develop a compact electric pickup amid its shift toward plug-in hybrids (PHEVs).
GM cancels plans for an electric Ford Maverick rival
GM’s CEO Mary Barra announced several “organizational and process improvements” on the automaker’s Q4 earnings call last month.
Among these, Barra said, was “deploying plug-in technology in strategic segments.” GM explained it will bring PHEV tech to select vehicles in North America. According to Autoweek, work has already begun on Chevy Silverado and GMC Sierra PHEVs.
The news comes after Ford’s CEO Jim Farley boasted on the company earnings call last month that its Maverick was the best-selling hybrid truck in the US last year.
Farley said the Maverick hybrid pickup is “focused on mileage and efficiency.” He added that hybrid margins are much closer to ICE vehicles (than EVs).
Ford’s leader said the company will focus on smaller, more affordable EVs to compete with Tesla and Chinese automakers. Farley explained if you can’t compete with the Chinese, “then 20% to 30% of your revenue is at risk.”
Mercedes-Benz also drastically backtracked on its EV plans Thursday, saying it expects only 50% of sales to be electrified (including hybrids) by 2030.
That’s down from its previous commitment of 100% all-electric sales “where market conditions allow,” revealed in 2021.
Although GM is rushing to get hybrids on the market, the fully electric Ford Maverick rival we’ve been waiting for has reportedly been canceled. Citing a source familiar with the matter, the report also claims GM is canceling plans for electric Chevy Express and GMC Savana vans.
Electrek’s Take
Although Ford’s all-electric F-150 was the best-selling EV pickup in the US last year, the automaker is cutting production and prices amid “slower than expected” demand.
Meanwhile, Rivian introduced new lower-priced Standard battery pack options for the R1S and R1T. The new R1T Dual Standard motor starts at under $70,000, making it the cheapest vehicle available.
Rivian announced it was cutting 10% of its workforce in its Q4 earnings Wednesday. Meanwhile, the EV maker is implementing engineering and manufacturing upgrades, which it believes will lead to a “modest gross profit” by the end of the year.
And then, there’s the Tesla Cybertruck. Large Cybertruck fleets were recently spotted as the EV maker ramps up production.
Those looking for electric trucks still have a few solid options with Ford’s Lightning, the Rivian R1S, and Tesla Cybertruck.
GM has already delayed production of the Chevy Silverado EV RST and GMC Sierra Denali EV. Its shift to PHEVs could set it further back as rivals look to gain market share.
If you’re looking for an electric truck, there’s never been a better time to shop. Ford just slashed prices on the F-150 Lightning, which now starts under $50,000. You can use our link to find great deals on the 2023 and 2024 Ford F-150 Lightning at a dealer near you today.
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