If you’ve been hoping you might snag a Hummer EV for a bargain on the secondary market, think again.
At the Barrett-Jackson’s Las Vegas Auction held over the Fourth of July weekend, a previously owned GMC Hummer EV hammered down for a whopping $324,500, according to Business Insider. That’s close to three times its suggested retail value, which was originally intended to be listed at $110,000. The Edition 1 Hummer EV had only 48 miles on its odometer and is now considered the highest-priced used Hummer EV ever auctioned.
This is not the first time used Hummer EVs have lapped their sticker prices. Just a few months prior, bids for two other used, low-mileage Edition 1 Hummers reached $275,000 and $260,420. The hotly anticipated model was first released in December 2021 and is currently sold out until next year with more than 77,000 reservations. Of those, GM has only been able to deliver 372.
Sales of EVs has reached record levels this year. However, supply chain issues are causing manufacturers major delays. GM is just one of many automakers unable to stop lithium-ion battery shortages from significantly slowing down their production rate. This is all due to a scarcity of graphite, a critical, natural material needed to build batteries.
GM told the Wall Street Journal that their facility is only able to make about 12 cars a day, but that they are implementing several strategies to hopefully speed up the process. They also are raising the price of their electric Hummer, citing “higher prices for parts, technology and logistics.” Ford, which has a 200,000-person waitlist for its all-electric F-150 Lightning, has faced similar hardship and had to cap reservations until its manufacturing capacity can match the demand.
Having a backlog of orders is not uncommon for manufacturers in the Covid era. How long that will be true for the auto industry is an open question.