GM to start making Silverado electric pickups late next year in Detroit

General Motors Co is planning to start production of Chevrolet Silverado electric pickup truck late next year at its Detroit-Hamtramck assembly plant, a source familiar with the U.S. automaker's plan said on Tuesday.

The vehicle is expected to go on sale in early 2023 as a 2024 model, another source said.

The company declined to comment on the production timeline for Silverado.

Its announcement that the trucks will be made at the Michigan plant, also known Factory Zero, sent GM shares to a record $62.45.

Wall Street has been increasingly focusing on GM's strategy to roll out electric vehicles, as it slowly aims to catch up with EV market leader Tesla Inc.

It had recently unveiled GMC Hummer electric sport utility vehicle, which will also be built at Factory Zero.

The company's plan is part of increased projected spending of between $9 billion and $10 billion this year, including more than $7 billion for electric as well as autonomous vehicles.

GM said the electric Silverado is expected to offer customers a range of more than 400 miles on a full charge. The news about the company working on the pickup truck was reported last year.

The Detroit-Hamtramck plant is expected to build a broad range of full-size electric trucks and sport utility vehicles. Additional models and details will be announced later.

Prior to this, GM had said that electric Hummer pickup truck and automated EV shuttle, the Cruise Origin, will be made at the plant.