Electric Pickup Race Gathers Steam: What You Need to Know

While electric cars have been on the road for nearly a decade now, automakers are yet to bring any electric truck to the market. Consumers are spoilt for choice, with a rising number of electric SUV and crossover launches. Meanwhile, although pickups have been the undisputed best-seller, there isn't a single plug-in hybrid truck, let alone a fully-electric one. So, while electric cars are taking off in a big way, why has the idea of electric pickup been slow to catch on?

Why is it Taking Time for Trucks to Shift Gears Into Electric?

Although electric vehicles can do a lot for a greener environment, this can only happen if these become as popular as their fuel-powered predecessors. For starters, pickup owners are one of the most brand-loyal customers in the auto industry and it would be quite difficult to persuade them to make the switch from an internal combustion engine to electrification.

Further, launching an electric pickup comes with its own set of challenges.Unlike cars, pickup trucks are more equipped to deal with rough terrain and heavy load. Under such circumstances, a major issue is how far the vehicle can run before its battery runs out. Enhancing battery capabilities so that large loads can be carried for long distances is a pressing issue, as heavy batteries can take a toll on efficiency. The major challenge here is to achieve substantial volumes and profits to make it a sustainable business.

Also, buyers of trucks are not willing to shell out more money for the electric versions, thus creating a problem for the manufacturers who are under pressure to sell more EVs amid stringent emission standards. While the switch to the electric versions of these high-emitting vehicles could go a long way in abating carbon emissions, diesel advocates believe that range and recharging are major challenges in the way of electric pickups.

Electric Pickup Game is Gradually Building

With reducing battery prices, increasing costs for carbon-burning engines and stricter emissions compliance standards, automakers have started reconsidering their business models. In fact, for exponential growth of EVs, it is important to tap the uncontested markets for electric pickups.

As we know, Tesla TSLA is making headlines for its new Cybertruck, which was recently unveiled by Elon Musk. Tesla currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

While the long-awaited Tesla electric truck is getting a lot of attention, it isn’t just this company that will hog the spotlight in the electric pickup market. Competition is building up, with Ford F prepping its all-electric F-150, General Motors GM entering the market in 2021, and Ford and Amazon AMZN-backed EV startup Rivian bringing something interesting as early as next year. Here we will focus on the major electric trucks that are set to be launched in the coming years, both by startups and well-established auto giants like Ford and General Motors. 

Sneak Peek Into Electric Pickup of Contenders

With a wedge-like shape, ultra-hard 30X cold-rolled stainless-steel body and armored glass windows, the design of Tesla’s Cybertruck seems quite stylish and futuristic. There will be three models, the cheapest of which — at $39,900 — has a 7,500-pound towing capacity, a range of 250 miles and a startup speed of 0-60 mph of less than 6.5 seconds. However, during the launch of the vehicle, things didn’t end well as the windows pretty much cracked in a thousand directions when struck with a metal ball, which “didn’t go through” though. Nonetheless, more than 200,000 pre orders for the same have poured in for the Cybertruck.

U.S. auto giant, General Motors reportedly invested $3 billion in the electric truck program and targets to put up a pickup truck for sale by the fall of 2021. Rumors about the firm’s truck plans surfaced last month when Detroit Free Press reported that Detroit-Hamtramck Assembly Plant would remain open for the production of electric pickup truck, as part of the firm’s UAW labor contract negotiations. While General Motors did not mention a timeline for the release then, the firm’s CEO recently confirmed to bring the electric truck to market in 2021.

U.S. #2 automaker Ford, which had built the nation’s best-selling pickup truck F-150, is set to launch an all-electric version of the same. While the company has confirmed plans to develop a fully-electric F-150 at the 2019 Detroit Show, the vehicle is reportedly set to debut in 2021. There is no official announcement regarding the launch of the electric Ford truck as yet, but the rumor mill is buzzing about the vehicle being fast-tracked for production. The biggest hint about the electric Ford-150’s future came in July, when the firm released a video demonstrating the pickup’s remarkable towing capacity. The electric F-150 prototype was seen pulling ten double-decker rail cars filled with 42 F-150 pickups, weighing nearly one million pound. Although the company has not shared any specific specs regarding the electric truck yet, we expect it to be a hit. Apart from making its own pickup, Ford announced an investment of $500 million in electric pickup startup Rivian.

Startups Speeding Up

Startups like Rivian, Bollinger and Lordstown are entering the market alongside stalwarts like Tesla, Ford and General Motors.

American startup Rivian is set to come up with its electric truck by late 2020. The R1T will offer several motor/battery combinations to choose from. The truck has the ability to tow up to 11,000 pounds, an adjustable air suspension and Level 3 autonomous driving capabilities. The company is targeting a starting price of $69,000 for the base version of R1T. However, the superior versions are expected to be put up for sale first, which would range around $1,00,000.

Bollinger Motors’ Bollinger B2, priced at $125,000, is likely to be the most expensive of the upcoming electric trucks. Geared with axle hubs and hydropneumatics suspension, Bollinger B2 claims a respectable 614 horsepower and 668 lb-ft of torque from its dual-motor setup. While production is slated to start in the second half of 2020, one has to wait till early 2021 to get a hand on the vehicle.

Lordstown Motors has also been making headlines after it purchased the shuttered Lordstown plant from General Motors. The company has started accepting $1000 deposits to reserve its electric pickup truck, the 2021 Lordstown Endurance. Production of the Endurance is anticipated to commence in late 2020, with deliveries starting around the same time.

Last Words

To find out who is going to create the best electric truck and rev up in this race, we will have to wait till 2021. It remains to seen whether trucks can become tickets to high sales in the electric vehicle market.

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