Wed. Aug 10th, 2022

During GM’s second quarter earnings call, CEO Mary Barra told analysts that Chevrolet has accepted 150,000 refundable reservations for the Silverado EV 2024. Reservations opened on January 5, 2022 and have arrived. During a presentation on first quarter earnings in late April, Barra said Chevy had 140,000 bookings. The latest tally indicates that shoppers have made an additional 10,000 bookings in the past three months. We don’t know how many “overs” they represent, but if we’re comparing the figures for electric pickups, Ford hit the “over 150,000 bookings” milestone for the F-150 Lightning five months after opening order books. It then stopped taking bookings when the number hit 200,000 two months later. At seven months, the Silverado EV is around 50,000 behind the F-150 Lightning.

Not that it means anything. Until we can see how many trucks are being built and how many deliveries are being made, all these numbers are written in pencil. Remember, there are Bronco reservation holders still waiting for their trucks 2.5 years after making a few excited mouse clicks and GMC Hummer EV production is thought to still be under 15 units per day. It is also thought that due to the current market and as buyers are now well informed about supply issues, a substantial number of bookings are either pinball machines or those who get their names on a variety of listings for a chance to get the electric vehicle delivered first.

More important are some of the details that Barra shared about who is signing up, but even those must have a lot of freedom considering the previous paragraph. In February, Barra said around 240 fleets had raised their hands for Silverado EV, a group that could be considered more serious than the average bettor. The CEO said 70% of the reservation holders are from the west or east coast and 65% are conquering shoppers. This is in line with trends among GMC signups, where 75% of reservations for the Hummer EV come from buyers new to the brand. Cadillac is having similar trends with 70% of the people enrolled in the Lyriq coming from outside the monochromatic crest family.

With the Work Truck set-up not set for production until early next year, we will have to search for the F-150 Lightning to provide preliminary information on how EVs perform as consumer workhorses. And remember, Ram is doing the same thing, planning to put what he has learned into the battery electric pickup that will debut this fall.

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