General Motors Co. (NYSE:GM) will reportedly suspend development efforts of its next-generation EV pickup truck as the U.S. auto sector scales back on all-electric mobility.
GM To Suspend EV Pickup Development
The Detroit-based automaker will be delaying the development of the EV pickup at its Factory Zero plant in Michigan indefinitely, according to a report by Crain’s Detroit Business on Tuesday, which cited anonymous sources familiar with the matter.
GM did not immediately respond to Benzinga‘s request for comment.
The report also said that the company was planning an update to its full-size pickup truck line by 2028, with plans to introduce lower-cost variants. GM had earlier ended the production of its most affordable EV, the Chevrolet Bolt EV, which retailed for $29,990.
The company had last year recorded a $6 billion charge related to EVs on top of the earlier reported $1.6 billion charge it took to scale its EV efforts. Since then, GM has rolled back its EV commitments, despite earlier reiterating that the Chevrolet Silverado EV pickup would not be affected by anti-EV policies.
Trump Calls On GM, Ford To Produce Weapons
President Donald Trump reportedly called on the likes of GM and Ford Motor Co. (NYSE:F), among others, to produce weapons and other military supplies amid the war in Iran, as well as Russia’s war with Ukraine.
GM stock recently surged after Wolfe Research analyst Emmanuel Rosner upgraded the automaker’s stock rating to Outperform, citing the company’s refreshed lineup of full‑size pickup trucks. Rosner estimates that the new models could add roughly $1.7 billion to the company’s revenue.
According to Benzinga Edge Rankings, GM scores well on the Momentum and Value metrics, while also providing a favorable price trend in the Long term.
Price Action: GM surged 0.56% to $79.49 during the overnight trading session.
Photo courtesy: Jonathan Weiss via Shutterstock
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