Written by / Zhu Lin
Editor/ Wu Jing
Design / Shi Yuchao
Source: Bloomberg, Reuters, by David Welch, Hyunjoo Jin
In the summer of 2019, General Motors President Mark Reuss said the company's first electric pickup was not necessarily designed for the workplace, but rather a vehicle with "more style and off-road capabilities."
At that time, this statement meant that electric trucks were not ready for work in pursuit of higher cost performance due to their high cost and heavy batteries. As Royce put it, GM's first plug-in pickup was the $110,000 Hummer EV, a high-end model that went into production in November 2021.
On January 5, 2022, GM CEO Mary Barra told a different story to the world. At the 2022 Consumer Electronics Show (CES), she showcased the all-new Chevrolet Silverado online.
GM CEO Bora is introducing the Chevrolet Silverado electric pickup truck▼
The model is a pure electric pickup that will go on sale in the spring of 2023, starting with a $39,000 version of the work truck that can be used to tow and pull goods. The more expensive version, aimed at weekend off-road riders and suburban cowboys, will enter the dealership's showroom in the fall of 2023.
Why is there such a shift?
First, batteries have become better performer and cheaper, which means that electric pickups are also easier to sell, like GM's Silverado or Ford's F-150 Lightning, which costs about $40,000.
Another reason is that truck owners are telling researchers at GM and Ford that they are ready to accept electric trucks.
Steve Majoros, Chevrolet's director of marketing, said battery power has captured the imagination of retail buyers, while commercial customers are increasingly attracted by its lower operating costs and the environmental, social and managerial (ESG) advantages of adding zero-emission trucks to the fleet.
A race between old car companies and newcomers
Citing GM's consumer research, Marjolos said pickup truck buyers showed the fastest growth trend across all segments when considering the next electric vehicle purchase. He said the silverado's launch sparked a lot of interest, and the $105,000 Chevrolet electric pickup sold out in just 12 minutes.
Ford said nearly 200,000 customers paid a $100 deposit to book the F-150 Lightning electric pickup, which will be available in the spring of 2022. The company said the demand for the car is so strong that it will nearly double planned production to 150,000 units a year.
Ford F-150 Lightning electric pickup▼
GM hinted that it may need more capacity to produce the electrified Silverado, and that the detroit Factory Zero electric vehicle plant used to produce the car may not have enough capacity at the current capacity. The plant also produces electric Hummer pickups, as well as all-electric Hummer SUVs, Cadillac Careyd, Chevrolet and GMC pickups, as well as Origin driverless shuttles.
"Silverado is a priority for the company, and Silverado EV is one of the priorities." "Knowing the kind of sales we're expecting, knowing what's going to happen in this market, Factory Zero is a start," Marjolos said. ”
GM and Ford are vying each year for the lead in full-size pickup sales, and the competition is expected to take the form of electric Ram from Stellantis (formerly Fiat Chrysler Automobiles), plus a growing number of newcomers.
Tesla is gearing up to make Cyberteruck, while startup Rivian has already started producing its $67,500 R1T pickup truck in October 2021.
Rivian R1T electric pickup▼
Ford started producing Lightning before the electric Silverado, so it had a first-mover advantage, but a GM pickup can travel up to 400 miles when fully charged, while Lightning's has a range of only 300 miles, which is a problem for buyers with endurance anxieties.
Cybertruck's promise of a range of up to 500 miles could give it an advantage, as the truck will lose range when transporting and towing.
Still, the sprawling base of pickup truck owners already driving Chevrolet, Ford or Ram could help established truck makers gain an edge over Tesla and other rookies.
Tesla Cyberruck electric pickup truck▼
At the same time, the launch of Tesla's highly anticipated Cyberruck has been postponed again and again. It is said that the biggest difficulty facing mass production at present is the supply of batteries. When Tesla first released the car in November 2019, it announced production time for the end of 2021, which was subsequently postponed to the end of 2022.
However, on January 13, 2022, a person familiar with the matter revealed that Tesla aims to start initial production of Cyberruck by the end of the first quarter of 2023, thus further postponing its production plan.
The person said that with the fierce competition in the field, Tesla is changing the performance and functionality of electric pickup trucks to create a compelling product. He also said Tesla expects to make limited production of Cyberteruck in the first quarter of 2023 before increasing production.
Industry analysis and forecasting
Analysts are seeing growth in the electric pickup market, but that's less than automakers expected. Jeff Schuster, president of LMC Automotive's Americas and Global Automotive Forecasts, forecasts that 125,000 electric pickups will be sold in 2023. Ford alone could produce more than that.
AutoForecasting Solutions predicts that 300,000 electric pickups will be sold worldwide in 2024, 40% of which will be Tesla's Cyberrock. That means Ford, Rivian and GM will compete for the rest — by which time they'll be selling electrized Hummers, Silverados and GMC Sierra.
"Mass production capacity is gradually being built." Sam Fiorani, vice president of global car forecasting at AutoForecasting Solutions, said, "The problem is that we don't know how deep this pool is. When you start producing tens or hundreds of thousands of vehicles, you know how many people are willing to pay. ”
More electric trucks are coming. Ford will have larger pickups for heavy traction and hauling. The Silverado can initially drag 10,000 pounds, and eventually the drag capacity will reach 20,000 pounds, which is more than most versions of Chevrolet's gasoline-powered pickup truck can drag.
In addition, Marjolos said electric pickups perform better on the road. Full wheel steering makes cornering more compact. The position of the battery pack means that the weight of the vehicle is better balanced, and it eliminates the oscillation that occurs on gasoline-powered trucks, where almost all the weight is in the front engine compartment.
"The days of poor driving, clumsy movements, and low technical content are gone." "We're making progress on a number of things that will clear the way for the adoption of electric cars and trucks," he said. ”