General Motors to Bring Back the Hummer Name with Electric Pickup Trucks | Financial Buzz

General Motors to Bring Back the Hummer Name with Electric Pickup Trucks

General Motors Co. (NYSE: GM) is expected to revive the Hummer name with a new line of electric pickup trucks, reports the Wall Street Journal.

The new Hummer pickup trucks are reported to be sold in early 2022. They will be sold under the GMC brand in small quantities and will be optimized for off-road use. Reuters reports that GM plans to first build electric pickup trucks in late 2021, followed by an electric SUV in 2023. It is also reported that GM is investing in an advertising campaign that will feature Lebron James as the star of an advertisement during the upcoming Super Bowl. 

The Hummer brand of trucks was acquired by General Motors in 1998. However, when the automobile manufacturer announced its bankruptcy in 2009, they also decided to discontinue the Hummer brand, and Hummer was declared to be defunct in 2010. Customers and environmentalists often criticized Hummer trucks to have very poor fuel economy. However, with the reintroduction of the Hummer as an electric vehicle, the concerns that the Hummer is just a “gas-guzzling” truck will be a thing of the past.

GM will face substantial competition in the electric truck industry. Tesla recently announced its Cybertruck, which sparked a lot of conversation over the Internet. Production of the Cybertruck is expected to begin in late 2021. GM will also face pressure from Rivian, which is a startup that has received funding and support from Amazon (NASDAQ: AMZN) and Ford Motor Co (NYSE: F). Rivian plans to launch a line of long-range, rechargeable light trucks. These trucks are expected to be available in late 2020.