Tesla, General Motors, Rivian and Ford have carved out new niches in the U.S. auto industry by introducing powerful and expensive electric pickup trucks. Once thought of as work or utility vehicles, pickup trucks have evolved into luxury items, with some models selling for more than $100,000. These electric pickups are changing consumer expectations and pricing standards, and reflect automakers’ efforts to capitalize on the EV market while remaining profitable.
Five years ago, paying six figures for a pickup truck was almost unthinkable. But automakers have successfully changed consumer perspectives by introducing features and technology that justify the higher price. While traditional internal combustion engine (ICE) trucks often come with increased features at a higher price, electric pickups are more expensive primarily because they contain advanced technology, especially expensive batteries.
Leading the way in this segment are the Tesla Cybertruck, Ford F-150 Lightning, Rivian R1T, and GM products including the GMC Hummer EV, Sierra Denali, and Chevrolet Silverado. All of these models are priced above $100,000, with limited editions such as the GMC Hummer costing over $150,000. Tesla’s top-of-the-line “Cyberbeast” is priced around $120,000 and recently became the best-selling six-figure vehicle in the US.
While the average price of a traditional full-size pickup truck is about $65,713, these electric versions are attracting a different, more affluent demographic. The electric truck and SUV market is expected to grow by 35% from the previous quarter, with about 58,000 vehicles sold in the first half of 2024, accounting for less than 1% of U.S. small vehicle sales. As more manufacturers enter the market, the luxury electric truck market is expected to grow.
Tesla Cybertruck
The Tesla Cybertruck is a unique vehicle that stands out for both design and functionality. It has the bed and practical features of a traditional pickup truck, but is more “cyber” than “truck.” The vehicle is a design and technology experiment, featuring tight steering, a “steer-by-wire” system, and four-wheel steering for increased maneuverability. While the design has been controversial, Tesla has made up for it with advanced Human Machine Interface (HMI) technology, making the Cybertruck a standout technology-forward vehicle.
GMC Hummer EV
The first electric truck on the market, the GMC Hummer EV, is known for its size and performance. Marketed as the world’s first “super truck,” the Hummer is fast and capable, but it weighs an estimated nearly 9,200 pounds. Its off-road capabilities are impressive, but its weight affects its efficiency and handling. While the vehicle’s large, bulky interior design may not appeal to everyone, its performance parts and removable roof panel demonstrate its ruggedness.
Chevrolet Silverado and GMC Sierra
GM’s new electric trucks, the Chevrolet Silverado and GMC Sierra Denali, are both high-performance and luxurious. The models share many components at nearly $100,000 price points, but each has its own unique design tailored to its brand. They have a 440-mile range and can charge 100 miles in just 10 minutes with a DC fast charger. Both trucks feature GM’s innovative “Midgate” feature, which allows the rear seats to fold down to expand cargo space. They maintain the feel of a traditional truck, but their heavier weight impacts efficiency.
Rivian R1T and R1S
Rivian’s R1T and R1S are designed for adventure lovers and rival Jeep’s vehicles. The second generation of these cars offers a smoother driving experience and enhanced interior design. With a minimalist yet functional interior, Rivian stands out in the segment with its software and overall user experience. However, the lack of four-wheel steering and slow charging speeds hold it back from competitors.
Ford F-150 Lightning
The most affordable all-electric truck, the Ford F-150 Lightning, has a starting price of about $63,000 and offers functionality on par with ICE trucks. This truck was the first mainstream electric truck and still holds up well, but newer competitors are surpassing it in range, performance and features, especially as customers look for trucks in the $100,000 range. The Lightning remains a solid choice, but faces stiff competition from more advanced electric trucks.
As automakers continue to push the boundaries of pickup trucks, the electric truck market is likely to continue its upward trend, redefining both price and performance.