Contrary to many GM vehicle models that registered higher average transaction prices (ATP) for the second quarter (Q2) of 2023, ATP for new GMC Hummer EV Pickup units fell 12.6 percent year-over-year for the three-month period.
As Cox Automotive details in a report, the falling ATP of the GMC Hummer EV Pickup ran counter to the average transaction price of the GMC brand and GM as whole, which saw respective gains of 9 percent and 4 percent year over year in ATP during Q2.
The introduction of new trims accounts for the fall in new Hummer EV average transaction price according to Cox, The burly EV remained the most expensive GMC model at $99,320. In terms of sales volume, only 44 units of the Hummer EV Pickup sold, an 84 percent drop compared to Q2 2022.
The top three GMC performers in terms of volume growth far outpaced the Hummer EV Pickup. They include the GMC Acadia which had growth in vehicles sold skyrocketing 58 percent year-over-year and the second-place Yukon XL at 44 percent. The regular GMC Yukon and the GMC Sierra were tied for third at 22 percent growth for each.
The General’s overall Q2 2023 sales volume did not quite reach the approximate average of 750,000 units sold that the automaker typically racked up during Q2 before COVID-19. However, it moved closer to that level with 19 percent year-over-year growth to 689,095 units.
GMC incentive spending for Q2 2023 came in at $1,793, dropping 18 percent compared to the $2,193 average incentive Q2 2022. For April, May, and June 2023 GMC was the only GM brand with shrinking incentives. Chevy incentives were the next smallest with a 9 percent gain.
Cadillac incentives logged 18 percent growth for Q2 and Buick boosted its incentives by 79 percent from $1,077 in 2022 to $1,923 in Q2 2023. Averaged across all brands, GM second quarter incentives jumped 14 percent year-over-year, climbing from $1,754 to $2,006.
As a reminder, the upcoming 2024 GMC Hummer EV Pickup is introducing several changes from the 2023 model year, including two entry-level trims. These trim levels, the 2 and 2X, are positioned below the range-topping 3X, and are motivated by a two-motor powertrain as opposed to the three-motor setup found in the 3X.
The three-motor setup develops 830 horsepower, or 1,000 horsepower with the optional 24-module battery pack equipped, while the two-motor drivetrain is estimated to produce 625 horsepower.