Production timing for the Silverado EV could lag the launch of the F-150 Lightning by about a year. Lightning output is slated to begin this spring.
When Ford closed the reservation system for the Lightning on Wednesday, the automaker said it booked nearly 200,000 reservations.
The Silverado EV, powered by GM's proprietary Ultium battery, is expected to have more than 400 miles of range on a full charge.
GM North America President Steve Carlisle told Automotive News in September that the electric pickup won't necessarily be a derivative of today's gasoline-powered pickup.
The flexibility of the Ultium battery platform removes the architectural limits that internal combustion vehicles have, Carlisle said at the time.
The electric Silverado will offer a four-wheel steering feature to tighten turns and enhance maneuverability, similar to the crab-walking GMC Hummer EV, which will be delivered to dealerships starting this month. Four-wheel steering enables the pickup to increase agility and enhance the turning radius at low speeds, Chevy said in August.
The Silverado EV will be built at Factory Zero, GM's EV plant in Detroit, alongside the Hummer EV pickup and SUV, and the Cruise Origin.
GM on Wednesday said it would invest more than $50 million at its Bedford, Ind., component plant to build drive unit castings for the upcoming Silverado EVs and other applications.
Michael Martinez contributed to this report.