In the announcement for the Hummer EV, GM stressed the fact that "electric trucks would be a true mark of progress toward a world with zero emissions," the analyst said.
The Takeaways For GM: Electric trucks are an emerging segment, with Tesla Inc.'s (NASDAQ: TSLA) Cybertruck now up to an eye-popping 700,000 pre-orders, Ives said in a Thursday note.
In a national television ad back in February, GM announced that it was entering the electric truck market with its GMC Hummer.
General Motors Inc.'s (NYSE: GM) GMC Hummer EV was due to be revealed in May 2020 but now has been pushed back due to COVID-19.
With the rising popularity of electric vehicles in general, GM said it is targeting 1 million in annual EV sales in five years, according to Wedbush.