GM sold roughly 14,000 Chevrolet Silverado EVs in the U.S. and Canada last year, far below the petrol Silverado, which moves more than 10x that volume in a single quarter. The article highlights a large demand gap between the EV truck and its internal-combustion counterpart, implying slower-than-expected EV traction.
GM’s issue here is not product perception; it is scale economics. A pickup EV that stays niche forces the company to spend like an EV player while earning like an ICE incumbent, which delays gross-margin inflection and makes factory underabsorption more visible in upcoming quarters. The core gas truck remains the cash engine, but that also means every dollar diverted to EV support has a higher opportunity cost than the street usually models. Second-order, the weaker read-through is for the EV truck supply chain rather than GM alone: battery pack, charging, and dedicated-platform suppliers lose order momentum before the OEM shows a large top-line hit. Over the next 1-3 months, the key catalyst is whether GM leans more on rebates/incentives to defend share; over 6-18 months, repeated volume disappointment raises the odds of slower EV capex or a reset in launch pacing. Contrarian view: the market may be overweighting a low-volume halo product relative to the economics of GM’s profitable ICE portfolio. If management keeps EV losses contained and avoids inventory buildup, this is more of a patience signal than a structural thesis break. The thesis is falsified by rising rebates, higher dealer stock, or a wider EV margin loss next earnings season.
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