The GMC Hummer EV Is Already Getting a Price Hike

The GMC Hummer EV pickup was already expensive. With the added $6,250, is the tank-sized electric vehicle worth it?
Written by Andrew Koole
Reviewed by Kathleen Flear
GMC Hummer EV
has been available to drivers for less than a year, but the giant
electric vehicle
is already getting more expensive. The automaker announced $6,250 price hike that will apply to the 2023 model.
The Hummer EV was already over most people’s budgets. Starting at nearly $80,000, with a $2,000 delivery fee, it was on the higher end of the already expensive EV segment. 
What’s causing this price increase?
, your car insurance
super app
, took a look at the details to find out.

What’s driving the GMC Hummer EV’s price hike?

Increasing the price of the GMC Hummer EV likely wasn’t an easy decision to make. Asking for an extra $6,000 might not break the bank of those who could already afford the
electric truck
, but it will keep it even further out of reach of others. 
But in many respects, the decision was out of GMC’s hands. Supply chain issues brought on by COVID-19 and the
war in Ukraine
have plagued the whole automotive industry, and the effect on battery components has hit EV production particularly hard.
The increase brings the price the base EV2 model to $84,650, but it isn’t available until 2024. The only Hummer EV being delivered right now is the top trim, the EV3X.
Kelley Blue Book
(KBB) says the price of that model is now $104,650.
Orders made before the announced increase will keep their lower prices. KBB says the hike will be applied to all orders made after June 18.
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Why is the GMC Hummer EV so expensive?

GMC gave everything they had to the Hummer EV. Besides fancy optional features like
mode, the top trim of the pickup truck (the only trim available) runs with the help of three electric motors that offer a combined 999 hp and 329 miles of range. 
But critics
feel torn
about GMC’s first electric vehicle. Reviewers have a hard time getting past the truck’s weight, a shocking 9,046 pounds. 3,000 lbs. of the Hummer’s heft comes from its battery pack. That’s three times the weight of an average EV battery. 
Moving that amount of material in the boxy form of a Hummer requires an intense amount of power, giving the Hummer EV an embarrassing 47 miles-per-gallon-equivalent (MPGe) and making it the least efficient electric vehicle you can buy. 

What about car insurance?

The list of reasons to buy a Hummer EV is getting shorter and shorter, and the average price for car insurance for the vehicle doesn’t help the situation either. Like most luxury EVs, coverage for GMC’s first attempt at an electric vehicle normally costs at least $2,000 a year.
Still, if you’re sold on the GMC Hummer EV, you can save on coverage by shopping for
car insurance quotes online
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