The electric vehicle (EV) revolution is transforming the future of mobility. But while electric cars are taking off in a big way with customers spoilt for choices, pickups have been rather slow in shifting gears to electric. Not long ago, there was no electric pickup on road. But that’s gradually changing. Some of the popular e-pickups that you may get your hands on now include F-150 Lightning Pro, GMC Hummer and R1T.
With pickups being the quintessential American vehicles and the ultimate fusion of utility and freedom, auto biggies are realizing the potential of the e-pickup market, which is set to explode in the coming years. Companies like
Ford
F
,
General Motors
GM
and
Stellantis
STLA
,
Tesla
TSLA
and
Rivian
RIVN
look poised to dominate the e-pickup market in the coming years. The race to be the best electric pickup truck will only get fiercer from here on.
Ford Racing Ahead of Its Peers Now
Ford’s F-series has been the best-selling truck in the United States for more than four decades. And its electric version named, F-150 Lightning Pro, is carrying forward the success, pivoting Ford for a notable transition in the electric space. The all-electric F-150 e-pickup hit the market in spring 2022. After its launch, the 2022 F-150 pickup received a resounding response as the first all-electric version in the F-series. Ford’s e-pickup was named as the 2023 Truck of the Year by the Motor Trend magazine. Ford is actively focusing on scaling up production of the F-150 Lightning at its Rouge complex in Michigan. The company targets annual production of 150,000 e-pickups by 2023 fall.
After the roaring success of its all-electric F-150 Lightning pickup truck, Ford is working on another electric truck. The second e-truck will be built at Ford’s new Blue Oval City campus in Tennessee. It could be the electric version of its other popular pickup nameplates like Ranger or Maverick. While not much has been revealed about the second e-pickup model, Ford fans expect that something as exciting as F-150 Lightning Pro is in store for them.
General Motors is a Name to Reckon With
GMC Hummer EV is the all-electric version of the popular gas guzzler of 2010,launched in the fall of 2020 as part of General Motors’ Everybody In electrification strategy. The first deliveries of Hummer EV pickup began in December 2021 and it was the first model to include next-generation battery cells and a platform known as Ultium.Although Hummer e-truck production at the Factory Zero plant is ramping up, overall output is still considerably limited amid a scarcity of Ultium batteries and Ultium Drive motors. Additionally, the company is prioritizing the scant Ultium battery supply toward electric Cadillac SUV. However, with the planned construction of three more Ultium manufacturing plants, we expect higher production and deliveries of GMC Hummer e-pickup.
General Motors is working on two other pickup models — Chevy Silverado and GMC Sierra e-trucks. The legacy automaker will commence shipping the Chevrolet Silverado e-pickup in a few months. It will also be manufactured at the Factory Zero plant. The model will boast a mind-boggling 400+ miles of range. Chevy Silverado will be offered in various configurations, from basic workhorse to bling-laden boulevardier. This e-truck will be followed by the GMC Sierra EV pickup — with impressive specifications including 754 horsepower and 400 miles of range —deliveries of which are expected to start in 2024.
Stellantis is Set to Catch Up
Stellantis’ RAM brand is famous for its powerful pickup trucks and it is set to reveal its much-awaited electric version today at CES 2023. This is part of STLA’s ambitious Dare Forward 2030 plan. The company targets 50% of passenger car and light-duty truck BEV sales mix in the United States and 100% of passenger car BEV sales mix in Europe by the end of this decade. RAM’s electric truck is named RAM 1500 REV. Although details of the model are under wraps now, RAM 1500 REV is expected to have 300-350 miles of range. The truck is expected to arrive in the markets next year.
While that would give its American counterparts, including General Motors and Ford, a headstart of a couple of years, CEO Carlos Tavares doesn’t seem much worried about the same. In fact, he believes that it would give the company a chance to gauge the capabilities of other products in the market and make necessary tweaks. RAM has been getting consumer responses on its e-pickup via its Ram Revolution insider program.
Stellantis currently sports a Zacks Rank #1 (Strong Buy). You can see
the complete list of today’s Zacks #1 Rank stocks here
.
Tesla to Finally Deliver After Much Delay
EV king Tesla grabbed huge eyeballs when Musk first unveiled Cybertruck in 2019 owing to its outlandish look. With a wedge-like shape, ultra-hard 30X cold-rolled stainless-steel body and armored glass windows, the design of Tesla’s Cybertruck is quite extreme. There will be three models, with the cheapest — priced at $39,900 — having 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. Initially scheduled to hit the roads by 2021-end, the timeline of this futuristic pickup has been pushed back many times. But per Musk’s promise on the second-quarter 2022 earnings call, Cybertruck deliveries will finally begin by the middle of this year.
Rivian Gradually Losing Its First-Mover Advantage
Rivian was the first company to bring an e-pickup to the consumer market, beating other automotive giants. It started deliveries of its all-electric R1T truck in September 2021. But this first entrant in the e-pickup market has been struggling to some extent to produce vehicles without being affected by quality issues. The ongoing parts shortage is already impeding deliveries and recalls further add to the woes. In full-year 2022, Rivian produced 24,337 vehicles, falling short of its target of 25,000 units amid severe supply chain disruptions. The company delivered 20,332 vehicles in 2022. Most likely, R1T is Rivian’s top-selling model, and even if this EV startup is battling manufacturing hurdles, there’s no denying that it is still one of the noted names in the electric truck market currently.
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