AutoMobility Roadmap Newsletter

Truck Truck Go!

December 8, 2023

AutoMobility Roadmap Newsletter

Truck Truck Go!

December 8th, 2023

With the holiday season upon us, millions of Americans look to purchase their next vehicle. As environmental consciousness and government incentives continue to increase, many will decide that their next vehicle will be all electric. However, navigating this growing market has gotten exponentially more difficult for regular consumers looking to make the most informed decision possible on a new EV. Most major OEMs have released models varying from compact cars to full size trucks, diversifying the market away from the one or two manufacturers that previously controlled nearly all market share. To make matters more complicated, the US government has signed a complex set of EV tax incentives into law, making consumer due diligence for EV purchases noticeably more challenging. No longer is the average car buyer limited to a Nissan Leaf or Tesla Model 3 – there are over 40 new EV models for sale in 2023. This begs the question then; in each segment of the private consumer market, what is the best possible EV to purchase new and why?

Starting with the largest light vehicle class, a variety of OEMs have launched new electric pickup truck offerings in the past 2 years. These trucks have mind boggling amounts of horsepower, but come with enormous amounts of weight from the batteries required to move such a massive vehicle plus its cargo. There are currently five all-electric pickup trucks for sale on the market today, with the long anticipated and highly controversial Tesla Cybertruck reaching showroom floors just in time for the holiday season. Pickup trucks are consistently at the top of best-selling vehicle lists in the United States, and it is no secret why. Consumers love the space, features, off road capabilities, and all of the benefits that come with high towing capacity and a cargo bed. Let’s examine all of the brand new EV pickup truck offerings for the 2023-2024 model year and see how they stack up against each other in order to determine the best heavy duty purchase for the holiday season.

Tesl Cybertruck in Chicago – Photo courtesy of Teeter Advisors

Beginning with the newest addition to the fledgling segment, Tesla has finally begun to roll out their futuristic stainless  steel-bodied Cybertruck for purchase by consumers. Though highly unconventional in appearance, the Cybertruck is blisteringly fast, boasting around 800 hp in its top trim and a 0-60 time of 2.6 seconds. On the utility side, Tesla claims that the truck has a towing capacity of 11,000 lbs and a hauling capacity of 2500 lbs, both decently respectable numbers. The range of the truck on a single charge comes in at around 300 miles but will vary depending on drivetrain and number of motors. Consumers may be less than thrilled by the price point however, with the AWD edition starting around $80,000 and the top trim “Cyberbeast” at just under $100,000. Tesla makes an intriguing entrance into the segment, and it will be interesting to see if their new offering catches the attention of consumers used to a more traditional style pickup truck. This vehicle, when priced below $80,000, is also eligible for the full $7500 tax credit from the US government. For now, the first Tesla buyers are receiving their anxiously awaited Cybertrucks, and only time will tell how well it competes with the other vehicles in the segment.

Side profile image of the 2024 GMC HUMMER EV Edition 1 SUV in Moonshot Green Matte (left) and the 2023 GMC HUMMER EV Edition 1 Pickup in Interstellar White (right).  Image courtesy of GMC HUMMER EV Media.

Moving on to the first and less affordable of GM’s two initial forays into the EV pickup truck space is the GMC Hummer EV Pickup. Reviving the long dead Hummer name though under the GMC brand, the Hummer EV is an enormous vehicle with a weight of just under 10,000 lbs, placing it as one of the heaviest light vehicles sold in the United States. Despite its incredible size, the Hummer EV boasts almost 1000 horsepower and a 0-60 time of 3.3 seconds. Its propensity for speed is paired with a lower towing capacity of around 7500 lbs and a range of around 300 miles per charge. The interior is similarly luxurious to other high trim GMC pickup trucks and SUVs, and the truck even comes with a removable T-top style roof. All of this does come at a price though, as the cheapest version of the truck will set the buyer back about $87,000, and the most expensive at an eye-watering $110,000, both of which are at MSRP before dealer markups and addons. Furthermore, the Hummer EV costs too much to qualify for the $7500 tax credit, as even its lowest trim starts above the $80,000 price cap. With many practical drawbacks, the Hummer EV is not the most practical vehicle for the average consumer, instead filling the role for luxury top end EV trucks.

Images courtesy of GM Media Press room “2024 Silverado EV RST Preproduction model shown. Actual production model will vary. Model year 2024 Silverado EV available Fall 2023.”

GM’s other EV pickup truck offering is notably more practical and designed for everyday use and work. Significantly more familiar to consumers than the Cybertruck or Hummer EV, the Chevy Silverado EV is an electric take on the bestselling classic pickup truck. Visually, it appears to combine the features of the modern Silverado and the Chevy Avalanche, creating an interesting hybrid appearance. GM says that their truck has a range of up to 450 miles, around 750 horsepower, and a 0-60 time of 5.4 seconds (highest trim level). The price tag, which ranges between $75,000 and $106,000 yields a 10,000 lbs towing capacity and 1400 lbs of payload in the truck bed. For comparison, the highest trim gas-powered Silverado has a 13,300 lbs towing capacity and can carry a payload of up to 2300 lbs. Like the Cybertruck, some Silverado EVs will qualify for the $7500 tax credit, giving buyers a bit of relief from the truck’s high price tag.

Rivian R1T, image courtesy of RIVIAN Media

The second to last EV truck currently available is the new Rivian R1T. Designed and manufactured by the upstart EV company, the R1T exhibits Rivian’s signature front fascia and headlight/lightbar setup which has come to define their brand identity. The R1T does a whopping 0-60 in 3.0 seconds backed by electric motors which together produce up to 835 horsepower. The truck’s range varies by trim, but the top level will get about 280 miles in one charge. The towing capacity slightly outclasses the Silverado EV, as Rivian claims the truck can tow 11,000 lbs and carry about 1700 lbs. The pricing is notably between $75 and $79 thousand dollars, making it eligible for a $3750 federal tax credit. The R1T is a very solid offering and at a fairly competitive price for a truck in such an upmarket segment.

F-150 Lightning, image courtesy of Ford Media

The final EV truck for sale is the best of the bunch, which is unsurprising considering the decades of complete dominance the manufacturer has enjoyed in the US market. Ford’s F-150 Lightning offers by far the most diverse set of features and price points of any of the EV pickup trucks for sale this year. With the cheapest Pro trim starting at $52,000 and the most expensive Platinum Black edition at just over $100,000, Ford’s Lightning offers seven different trim levels at a wide variety of prices. Power starts at 452 hp and maxes out at 580 hp on the Platinum edition, reaching 0-60 in 4.0 seconds. The highest trim trucks are also capable of towing only 10,000 lbs, a hard pill to swallow for such a high price point. Battery ranges similarly vary between 230 miles and 320 miles. Many Lightnings are eligible for the $7500 tax credit. Another benefit is the shared parts bin with the rest of the F series truck line, making the truck significantly cheaper to repair than its fully novel competitors. Furthermore, Ford’s network of dealers and repair shops makes it significantly easier for owners to have maintenance done on their vehicles in comparison to Rivian. While not nearly as capable as its tried and tested ICE counterparts, the F-150 Lightning feels easily the most faithful to its pickup truck origin and meets the needs of a much wider range of buyers, appealing to those wishing to spend under $75,000 for an EV truck.

The top two new trucks for sale this year are the Ford F-150 Lightning and the Rivian R1T. Ford channels their long standing mastery of the truck market into their brand new electric offering, giving consumers a truck that looks like a traditional F-150, but with an electric twist. Rivian provides a capable yet pricey alternative, bringing new energy to the market from the young company. As the market matures, more and more OEMs will throw their hats in the ring and drive competition in the EV pickup space, but for now, Ford and Rivian have a clear headstart over the rest of the market.

Learn more about how the AutoMobility Advisors team can help you and your business seize the amazing opportunities to serve the new mobility market. Click on the link below and get in touch, we’d love to talk with you!

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