The $100,000 electric truck market is here

Detroit – Tesla, General Motors, Rivian Automotive and Ford Motor Company It has created a new market for expensive, powerful but unstable electric pickup trucks in the US auto industry, selling for more than $100,000.

Just five years ago, the idea of ​​customers paying six figures for a pickup truck — traditionally a work vehicle used for hauling and towing — drew national attention. But it’s quickly become the norm as automakers look to boost margins on traditional trucks and simply make more money on electric trucks.

“Customers are willing to spend money, and automakers are willing to respond,” said Stephanie Brinley, principal auto analyst at S&P Global Mobility. “In general, the trend toward more equipment, features and materials in pickup trucks simply reflects a general consumer attitude of wanting more.”

But unlike a $100,000 traditional pickup truck with an internal combustion engine that offers superior features compared to lower-cost trucks, electric trucks are more expensive because of the expensive batteries and other technology needed to power the vehicles.

“If you think about who is actually going to buy these new EVs, it’s definitely [automakers]”These are different customer segments,” said Stephanie Valdes Streety, director of industry insights at Cox Automotive. “These are very expensive, very niche vehicles.”

There are currently several electric trucks available for purchase on the U.S. market, including the Tesla Cybertruck, Ford F-150 Lightning, and Rivian R1T. General Motors GMC Hummer EV, GMC Sierra Denali, and Chevrolet Silverado. The GMC Hummer and Rivian also have SUV versions that offer similar features to their pickup truck counterparts but in a different format.

All of these vehicles approach or easily exceed $100,000, including a Tesla “Cyberbeast” model that goes for about $120,000 and a limited-edition GMC Hummer that costs more than $150,000. Both vehicles traded for more than $100,000 last month, making the Tesla Cybertruck the best-selling vehicle in the six-figure price range in the U.S., according to Kelley Blue Book.

According to Kelley Blue Book, the average price for a conventional full-size pickup is $65,713, including an average discount incentive of 7 percent.

Overall, the electric “truck” market, which includes SUVs, sold about 58,000 vehicles in the first half of the year, according to Motor Intelligence estimates. That’s less than 1% of the roughly 7.9 million new light vehicles sold in the U.S. during the same period, but it represents a 35% quarter-over-quarter increase from the first to second quarters, the data showed.

The market is expected to continue to grow, but for now I’ve spent varying amounts of time driving $100,000 cars. They’re all good to drive and handle, but they all have their differences. Here are some thoughts on each one:

The Tesla Cybertruck holds its own in almost every aspect: design, functionality, polarity, and features.

This is more of a “cyber” than a “truck” — sure, it has some truck features, like a pickup truck bed and other practical features, but it’s not a truck in the traditional sense.

The Cybertruck features tight steering that includes a yoke and a “steer-by-wire” system, a sturdy chassis similar to that of a sports car, and a design that, while arbitrary, prioritizes form over function, which has historically been one of the top reasons to buy a pickup truck.

The Cybertruck, like its GM competitors, also features “four-wheel steering,” which means all of the vehicle’s wheels can assist with turning, making the large vehicle much easier to steer compared to traditional vehicles that turn on just two wheels.

What the Tesla Cybertruck lacks in traditional “truck-ness,” it makes up for with technology and a human-machine interface (HMI) between the driver and the vehicle.

In many ways, the vehicle is truly experimental when it comes to the company’s technology.

• Strong Points: Design, technology, software, weight (lightest in segment), four-wheel steering
• Cons: Design, access to bed, interior space and quality

The GMC Hummer EV, the first electric truck to hit the market, is the closest thing to the Cybertac in terms of performance, price and overall flashiness.

Driving this vehicle, on and off road, is a fun experience. GM calls it the world’s first “super truck.” It’s fast, big and, according to the U.S. Environmental Protection Agency, the least efficient consumer electric vehicle currently on sale. The SUV version is smaller and easier to drive than the pickup truck version.

Both Hummers carry the weight of GM’s rapid vehicle development: The pickup trucks are estimated to weigh about 9,200 pounds, heavy compared with every other consumer vehicle on the market today, including all-electric trucks.

The Hummer EV accelerates from 0 to 60 miles per hour in under 3.5 seconds and has some impressive performance parts, but the vehicle’s weight can easily be compromised. I felt it while driving.

GM’s designers have done a great job modernizing the Hummer’s exterior design for the new EV, including adding a removable roof panel, but like the car itself, the interior feels very bulky.

• Strong Points: Design, performance, durability, four-wheel steering, hands-free Super Cruise advanced driver assistance system
• Cons: Design, efficiency, spacious interior, range

GM’s newest all-electric pickup trucks are the Chevrolet Silverado and GMC Sierra DeVali, both of which offer luxury models for nearly $100,000.

GM’s design team has done a great job of differentiating the looks of the vehicles to highlight each brand’s appeal, but the parts and features of the vehicles are largely the same.

Both vehicles have an EPA-rated range of 440 miles and offer up to 754 horsepower and 785 pound-feet of torque. Importantly for many truck customers, they can tow up to 10,000 pounds and can get 100 miles of charge in about 10 minutes using a DC fast charger (as long as you can find a compatible charger).

The Sierra is more refined and luxurious than its Chevy counterpart, with features like open-pore wood, a bigger screen and GMC’s “Club Mode” with four-wheel steering it shares with the Hummer.

A unique feature that sets the Silverado and Sierra EVs apart from other EVs is the “Midgate” feature, which allows the vehicle’s rear seats to fold down and the rear glass to roll out, creating a nearly 11-foot-long truck bed and segment-leading cargo space.

Both the Silverado EV and Sierra EV are easy to drive and have a “truck” feel, but remain much heavier than non-GM competitors.

• Strong Points: Performance, charging speed, range, super cruise, midgate, four-wheel steering
• Cons: Efficiency, interior (mainly Silverado), weight

Rivian’s flagship R1T pickup and R1S SUV continue to be standouts in the Jeep-like electric truck segment when it comes to outdoor adventure and lifestyle vehicles.

The second-generation vehicle, launched earlier this year, improved the ride quality and quality of the truck, and the driving experience of the R1S was noticeably smoother than the first-generation vehicle.

The exterior design of the vehicle remains largely unchanged for the second generation, but Rivian says it now has 10 times the computing power of its predecessor. The company also changed more than half of the hardware components.

Where the R1T and R1S really stand out is in their interior design, which is minimalistic like Tesla products, but with enough extra controls to please mainstream traditional buyers. Functionality and the HMI are also impressive.

• Strong Points: Design, software, interior
• Cons: Charging speed capability, no four-wheel steering, advanced driver assistance systems

The F-150 Lightning is the most affordable all-electric truck on the market. With a starting price of about $63,000, driving dynamics and functionality, it’s all in this price range. It handles just like a traditional F-150, but it’s electric, and it shares many parts with its internal combustion engine cousin.

When the F-150 Lightning hit the market, it was the first “mainstream” electric truck — joining the likes of the Hummer “supertruck” and the Rivian R1T — but it was the first true test of such an all-electric vehicle for traditional truck owners.

When it was released, the vehicle was outstanding, but the competition has mostly caught up or surpassed it when it comes to range, drivability, and overall performance, especially when compared to the $100,000 trucks mentioned above.

The F-150 Lightning, which can cost more than $90,000, remains a solid vehicle, but for buyers willing to spend more than $100,000, there’s much more competition in 2022 than when this truck went on sale.