Hummer EVs Sold Higher than MSRP at an Auction | Here's Why

Hummer EV Edition 1, auctioned off to a bidder on a weekend holiday for a larger worth, was a brand-new automobile with 48 kilometers on the odometer.

In a similar auction in 2021, the highest price for a first-run Hummer EV Edition 1 reached $2.5 million.

Las Vegas Auction, Dealt 4 Hummer EVs from $260k to $2.5 Million

During the Fourth of July weekend, a scarcely used GMC Hummer EV went for $324,500 at the Barrett- Jackson's Las Vegas Auction, over three times the original estimated retail price.

The auction EV is $200,000 more than the starting MSRP. Car collectors congregate at Barrett-Jackson for VIP experiences to bid on their autos. From Las Vegas to Houston to Palm Beach, the auctions occur throughout the country.

In October 2020, GMC revealed the 2022 Hummer EV Edition 1; the electric car was ready for manufacturing in December 2021. Three electric motors on the vehicle combine to provide 1,000 horsepower.

Additionally, it has an 800-Volt DC fast-charge capability, transparent sky panels, an interior that is galactic white, and an Extreme Off-Road package as standard features. It boasts a 329-mile range and uses the Ultium battery pack technology from General Motors.

According to GM Authority, the Hummer being auctioned off has only had one owner and "48 kilometers on the odometer," meaning the buyer is essentially receiving a brand-new car. During the Fourth of July holiday, other expensive vehicles have been auctioned off, including the Hummer.

The same car brought in $286,000 at a Mecum auction in March and $260,000 at an online auction in May. At a Barrett-Jackson auction in 2021, the top bid was $2.5 million for a first production example of the Hummer EV Edition 1. Since reservations are complete and the premium model is sold out, obtaining one is difficult.

Due to the low supply, some GM dealerships have even raised the price. The ideal approach for customers to get an EV may include bidding at an auction and being prepared to pay a premium price. If their objective is to win the automobile at an auction and subsequently sell it to someone who wants the car, it may even result in them making more money.

GM Now Produces Less Compared to Other Car Manufacturers, Reports Says

Reports on July 2 said that twelve new electric Hummers are apparently being produced by General Motors each day, which is far less than what other manufacturers can now create. Because they were working with a brand-new car constructed on an equally new base, the manufacturer acknowledges that the ramp-up has been slower than typical.

According to GM, it is going slowly to ensure that it can get the desired level of quality. The commencement of cell manufacturing at the new Ohio battery factory is anticipated to result in a noticeable boost in output in the second half of the year (a joint venture between GM and LG Chem). LG Chem is now transporting the batteries required to power the Hummer EV from outside the US.

As per a GM spokeswoman, the company's capacity to meet this demand would only increase as it introduces vertical integration of battery cell manufacturing, pointing to the 77,000 GMC Hummer EV orders and the delayed ramp-up. Later this year, consumers should anticipate seeing hundreds of delivery increase to thousands.

GM and LG Chem will develop a new battery factory in Spring Hill, Tennessee, to complement the new Ohio plant. Construction is expected to cost $2.3 billion, and the complex is expected to be finished in 2023. Given that it intends to introduce around 30 completely electric cars across all of its brands by the middle of the decade, GM anticipates being able to meet its EV battery demands with the help of these two gigafactories.

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