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General Motors announces the ‘world’s first super truck,’ Hummer EV

General Motors’ GMC business announced its all new, all electric Hummer EV to be released at $112 in 2022. Yahoo Finance’s Rick Newman joins The Final Round to discuss the details of the hummer truck and what it means for General Motors.

Video transcript

RICK NEWMAN: Chevy Bolt, which is a good car for what it is, but it's extremely pragmatic. And they've never, liked, flex their muscles with electric technology. And I think that's what they're doing here.

And I think what GM also knows about the Hummer brand, you know, back when this was on the road, which it was on sale from, like, 2001 to 2009 before they just killed the brand, this was a really divisive design. Some people absolutely loved it, and some people absolutely hated it.

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And that's a win in the car business. When you've got tons of people who love a brand, even if you've got a lot of detractors, you get that sort of more intense enthusiasm. You know, it's like the enthusiasm we talk about in politics. If we can get people that fired up for a vehicle that's just so different, that's kind of a win for the brand. And I think they knew that this had it in the DNA of the brand. So they want to revive that.

SEANA SMITH: So Rick, does that mean [INAUDIBLE] when we focus on the potential demographic here, that they're actually going after the electric vehicle lovers, they're going after the people that would buy luxury sports cars, and then they're also going after people who would prefer pickup trucks when it comes to their new car?

RICK NEWMAN: First of all, they're going after rich people because the starting price is going to be $113,000 here. And remember, you know, there always are going to be options that you just can't live without. I mean, that's stratospheric for a pickup truck. People do spend a lot on pickups. You know, it's not unusual to have a-- what might be a normal pickup that's optioned up to, like, $75,000.

But starting at $113,000, so that this is not for people running construction crews, you know, from project to project. This is going to be for enthusiasts. It's going to be for extreme offroaders. It's going to be for people who want that, you know, next automotive trophy in their 20-car garage. And then we'll see where it goes from there.

I mean, the price supposedly will come down year by year as they introduce a cheaper model. Four years into the run, supposedly, they will introduce the cheapest model at around $80,000. And we'll see how they've done by then.

Now maybe you'll be able to get it cheaper. You know, maybe it won't be as big of a hit as GM hopes. And you'll be able to get a little bit of a discount on it. I don't know. I think there are going to be at least some people willing to spend the money to have this crazy vehicle in their driveway.

SEANA SMITH: Well, it seems like it. I mean, [INAUDIBLE] don't want to make too much of the reservation number. You only had to put down $100. But as of right now, GM saying that full year production, in the first year of production, for this new Hummer, those reservations are totally booked at this point.

RICK NEWMAN: However many cars that is.

SEANA SMITH: I know. That's true. Yeah, it could be five for all we know. So we have to put that caveat out there.