The hype around the GMC Hummer EV is quickly fading. Secondary markets, such as the popular car-selling website Bring A Trailer had people listing these "supertrucks" in early 2022 for lofty premiums versus MSRP. Demand was red hot, and production was limited, which drove up values but more than a year later, prices have tumbled.
On April 1, 2022, months after the Hummer EV was released, a Hummer EV Pickup Edition 1 was sold on Bring A Trailer for a whopping $275,000. Those who locked in reservations bought the EV for around $100,000 MSRP (and the smart ones sold on the secondary market). And in the months ahead, these supertrucks were still being bought for over $200,000 and have sustained prices around $150,000 since.
The question remains whether secondary prices can hold up at high premiums at a time when GM's Factory Zero plant in Michigan ramps up production.
GM Authority has learned that GMC Hummer EV production increased considerably this past April, with more than 3,000 units produced over the course of the 2023 calendar year. --GM Authority
With the production of the 2024 GMC Hummer EV SUV underway, those older models might have trouble commanding such lofty values.
Yet another sign the EV bubble is deflating. We noted the other day that the "number of unsold electric vehicles at dealers in the second quarter tripled compared to the past year, signaling a weakened demand for the segment." Sliding demand could be due to high borrowing costs.
Meanwhile, Tesla appears to be winning the EV price war, forcing competitors to shift prices lower. Those who paid substantial markups to be the first to own the Hummer EV but didn't have a reservation and bought on the secondary market might regret their purchases at some point as prices will continue to slide.
Just wait until people realize the cost associated with charging a Hummer EV...
