GM will bring an electric truck to market in 2021

GM CEO Mary Barra said Thursday that the automaker will bring its first electric truck to market in the fall of 2021.

The comments were made Thursday during GM's investor day. Later this evening, Tesla, which also plans to start selling an electric truck in 2021, will reveal its "cybertruck" at an event in Hawthorne, Calif. Reuters first reported the news.

"General Motors understands truck buyers and" people who are new coming into the truck market," Barra said during the investor conference, explaining the company's rationale for the move.

GM's foray into electric trucks has been public before. Last month, the Detroit Free Press reported the that GM's Detroit-Hamtramck Assembly Plant would remain open to produce an electric pickup under a deal between the UAW and the automaker.

This is the first time the company has provided a timeline.

Several other companies are expected to bring electric trucks to the marketplace in the next several years, including newcomer Rivian, Tesla and Ford.