Automakers have expressed their anxiousness to hop aboard the electrified pickup truck bandwagon over the past 12 months, with the most significant example being Ford's hefty $500 million investment into promising startup Rivian. Tesla and head honcho Elon Musk have also made their intentions known, promising seemingly outrageous capabilities thanks to upcoming in-house-developed workhorse tech. Essentially, the three versatile players have been alone in the space that has potential to bring about massive profits courtesy of stellar margins. However, that's about to change, as General Motors has now entered the fray.
To this point, GM had been left behind with no indicated intentions of joining the movement; that was, until CEO Mary Barra confirmed plans for an all-electric full-size truck to rival Ford, Rivian, and Tesla during Tuesday's quarterly financial results call.
A booming Q1 2019 has brought about an influx of cash to The General who saw income spike to $2.1 billion, an impressive 93.2-percent increase over the same period last year. Likewise, revenues clocked in at $34.9 billion. This can be attributed to the success of full-size vehicles such as its Chevrolet Tahoe and Suburban SUVs as well as the Silverado and GMC Sierra pickups. In all, these models made up 80 percent of the company's total sales through April.
Influenced by these results, GM remains bullish on the future of crossovers, SUVs, and trucks and is apparently choosing to invest more to allow for expansion of these models. An all-electric pickup fits nicely in that category, and although Barra didn't divulge many details, she did mention that the plans in question focus on a full-size offering to rival the upcoming battery-electric Ford F-150 and Rivian RT1.
This comes after a reported iffy period that saw GM supposedly miss out on investing in Rivian, the Michigan-based company instead choosing to partner with Ford despite alleged talks with GM executives. Meanwhile, the Detroit auto group also killed off production of its Chevy Volt hybrid, leading many to speculate its stance on future electric models. However, the decision to produce a new car, likely destined for the Cadillac brand, based on the Chevy Bolt EV's platform—along with the electric pickup news—puts GM in the affirmative for electrification.