Electric Hummers are selling for more than $100,000 over their list price as demand outstrips supply by almost 100 to one

  • A GMC Hummer electric vehicle sold for $225,000 at a Houston auction last weekend.

  • The sale is the latest in which an electric Hummer has sold for substantially more than its list price.

  • Just 783 trucks have been delivered so far, with a waiting list over 77,000.

Some Hummer EVs have been resold for almost three times their list price amid a massive imbalance between supply and demand for the electric pickup trucks.

At a Houston, Texas car collectors' auction on Saturday, a nearly new Hummer EV sold for $225,000, twice the vehicle's listing price of $112,595.

The vehicle, which was the fifth one off the production line, was almost unused with just 80 miles on the clock, with its vastly inflated price reflecting the huge scarcity of the offroaders.

Just 783 electric Hummers have been delivered so far, Fox News reports. The waiting list for the cars stood at around 77,000 in July, per an Insider report at the time, meaning a ratio of roughly 98 orders for every electric Hummer delivered.

GMC, which produces the Hummer, did not immediately respond to a request comment on the length of the current waiting list.

Saturday's sale, however, pales in comparison to the price paid at a Las Vegas auction in July, when a bidder spent $324,500 on an electric Hummer.

Even damaged models are attracting inflated bids, with InsideEVs reporting last week that bids on a crashed Hummer reached $69,000, though the car didn't sell as this didn't meet the seller's minimum price.

While buyers are still willing to pay a substantial premium, the peak of Hummer resale prices may now have passed.

None sold for more than a 61% markup on its $112,595 retail price in the last couple of months on the Bring a Trailer website, Fox reported.

Other auction websites saw the truck sell for as much as 2.4-times its listing price back in April and May.

In July, the Wall Street Journal reported that General Motors' Detroit factory was "unusually slow", producing just 12 vehicles a day.

According to the Verge, it would take more than 17 years for GMC to deliver all its reservations at its current rate. But its manufacturing capacity will be improved soon, with GMC's September announcement that it will invest $760 million into EV-part production at its Ohio factory.

The 1,000 horsepower truck is a trailblazer in the world of electric vehicles, with a 350-mile range and the ability to go from 0 to 60 in about three seconds. The luxury Hummer also includes a convertible Infinity Roof, and a "Crab Mode" which can rotate the wheels to drive diagonally.

Read the original article on Business Insider