GMC Announces $6,000 Price INcrease For Hummer EV, Follows Similar Moves By Rivals
It's important to note that the GMC Hummer EV pickup and SUV is following a slightly different pricing schedule than a traditional mainstream automobile. Some of these increases won't be formally seen for another two to three years which is mainly due to some of the trim levels not being in formal production yet. However, the core thing that these increases do have in common is that they will kick in for anyone who ordered a Hummer EV after June 18th of this year, with older reservation holders still being covered by the old pricing ladder. We have charted these increases below.
The lone absence here is the Editon 1 with that model selling out long before GMC was forced to do the price hike. The Hummer is also not the only EV vehicle to suffer from a fattened price tag with rivals Rivian and Tesla also forced to raise the prices on their offerings in recent months.
What's Causing The Sticker Shock?
The main cause is the rising price in certain components and some of the ripple effects that are still occurring as a result of the COVID-19 pandemic. Inflation around the world has driven up the cost of fuel which is needed to ship those items from plant to plant. In addition, the prices for the materials themselves have grown, and it appears to have finally reached a point where brands like GMC are forced to pass the increase to the consumer ultimately in the form of higher sticker prices.
Pair that with the Fed recently increasing interest rates, and it helps create a perfect storm for customers looking to enter the Hummer ranks this late in the game. Look for these price increases to spread to other models including the Chevrolet Silverado EV as well as the recently teased Blazer and Equinox EVs.
Carl Malek has been an automotive journalist for over 10 years. In addition to his specialization with Ford, he grew up in a General Motors household and is extensively familiar with their products too. Contact Carl on Twitter at @CarlMalek3, on Instagram and Facebook for automotive news to send news tips.