The news: According to the Kelley Blue Book, for the first time ever, pickup trucks sold more than cars in 2020, which means not only a shift in consumer preference but also a promising opening up to electric vehicles (EVs).
- Americans bought 2,934,706 Pickup trucks in 2020 while 2,831,053 During the same period, non-luxury cars were sold.
The opportunity: This shift in consumption, coupled with the sudden surge in electric car sales, leads to fully electric pickup trucks offer a unique growth opportunity to promote mainstream acceptance of electric vehicles. Some automakers have already noticed this and are racing to bring more EV pickups to market – but some are better positioned than others.
- GM is expected to be the Hummer EV Truck until the end of 2021 while ford is about to debut F-150 flash in 2022.
- Tesla‘s Cybertruck, the start of production of which has been postponed to 2022, has an unofficial pre-order for 1.25 million units, per InsideEVs.
- Rivian recently postponed the launch of their R1T EV truck from July to September 2021.
- EV start Lordstown Motors also has plans for its electro endurance Pickup, but faces funding delays that could prolong the time it takes to market its product.
- Despite delays Tesla still has the best opportunity to bring EV pickup trucks to the mainstream. Its main advantages are brand awareness, market leadership in battery technology and supply, and its global network of 25,000 Compressors.
- Other EV manufacturers can still benefit from this by offering more choices and pricing, as well as more traditional pickup body styles.