General Motors updates pricing and specs for Silverado EV

Detroit automaker, General Motors (NYSE:) revealed updated pricing and specs for their upcoming Chevrolet Silverado EV after announcing that they have decided to scrap plans to offer a base version of the Silverado EV with a $39,000 price tag.

“A lot has changed in the last year and a half, a lot of economic and industry pressure, we are going to increase that price,” said Amy Masica, head of Chevrolet truck marketing, during a media event. “However, I’m going to guarantee that it’s going to have more range than the competitors and we’re going to be competitively priced.”

The automaker also announced Monday adjustments to the payload and towing capabilities of the fleet-focused Silverado EV Work Truck in its launch version. The payload capacity has been increased from 1,200 to 1,440 pounds, while the towing capacity has been raised from 8,000 to 10,000 pounds. Additionally, GM has revised its initial estimate for the truck’s range, stating that it is now expected to reach approximately 450 miles according to EPA standards, an improvement from the previous estimate of 400 miles. The commercial-oriented Silverado EV Work Truck is currently being manufactured at GM’s Factory Zero in Detroit. Starting at $77,905, the launch edition of the Silverado EV Work Truck is now available for purchase.

GM isn’t alone when it comes to price increases. Ford Motor Company (NYSE:) initially introduced its electric F-150 Lightning with a starting price below $40,000. However, the company has subsequently raised the price multiple times, and the current starting price for the vehicle stands at $59,974.

“We certainly saw Ford raise prices significantly on the on the Lightning…so no shock there that the price is higher than what was originally anticipated,” said analysts at Guidehouse Insights.

Shares of GM are up 2.14% near end-of-day trading on Monday.