The $100,000 electric truck market is already here

DETROIT – Tesla, General Motors, Rivian Automotive and Ford Engine They have created a new market in the American auto industry for expensive, powerful, and low-cost electric pickup trucks that sell for $100,000 or more.

Just five years ago, the idea of ​​a customer paying six figures for a pickup truck — historically a work vehicle meant for hauling and towing — was the stuff of national headlines. But it’s quickly become the norm, as automakers try to boost profits with traditional pickups and simply turn a profit with electric ones.

“Customers are willing to spend, so automakers are going to give it to them,” said Stephanie Brinley, principal automotive analyst for S&P Global Mobility. “Overall, the fact that pickup trucks have more equipment, better features and better materials really reflects the overall consumer attitude of wanting more.”

But unlike traditional $100,000 pickup trucks with internal combustion engines that offer superior capabilities compared to their lower-priced counterparts, electric pickups command higher price tags in part because of their technologies, including the expensive batteries needed to power the vehicles.

“If you think about who is actually buying these new electric vehicles, definitely, for the moment, [automakers]”It’s a different demographic,” said Stephanie Valdez Streaty, director of industry insights for Cox Automotive. “These are very expensive and very specialized vehicles.”

There are currently a handful of electric trucks on sale in the US market: the Tesla Cybertruck, the Ford F-150 Lightning, the Rivian R1T and from General Motors GMC Hummer EV, GMC Sierra Denali, and Chevrolet Silverado. GMC Hummer and Rivian also have SUV versions, which offer similar features to their pickup counterparts, but in different ways.

All of those vehicles can easily reach or exceed $100,000, including Tesla’s “Cyberbeast” model for about $120,000 and a limited-edition GMC Hummer for more than $150,000. Kelley Blue Book reports that both vehicles sold for more than $100,000 last month, with the Tesla Cybertruck becoming the best-selling vehicle in the U.S. priced at or above six figures.

That compares with the average price paid for a traditional full-size pickup of $65,713, including average discount incentives of 7%, according to Kelley Blue Book.

In total, this market for electric “trucks,” including SUVs, accounted for nearly 58,000 vehicles sold during the first half of this year, according to estimates from Motor Intelligence. That’s less than 1% of the roughly 7.9 million new light vehicles sold during that period in the U.S., but a 35% quarterly increase between the first and second quarters, according to the data.

The market is expected to continue to grow, but for now I’ve driven each of these $100,000 vehicles for varying lengths of time. They all drive and handle well, but in different ways. Here are some thoughts on each:

The Tesla Cybertruck is in a league of its own when it comes to just about everything: design, function, polarization, and features.

It’s much more “cyber” than “truck.” It does have some pickup truck capabilities, such as a bed and other utilitarian features, but it’s not a pickup truck in the traditional sense of the word.

The Cybertruck features firm steering, including a yoke and a “steer-by-wire” system; a rigid sports car-like chassis; and, while arbitrary, a design that is much more form than function, which is historically one of the top reasons to buy a pickup truck.

The Cybertruck, like its GM competitors, also features a “four-wheel steering” system, where all of the vehicle’s wheels help turn. Compared to a traditional vehicle, where two wheels turn the vehicle, it makes larger vehicles much easier to maneuver.

What the Tesla Cybertruck lacks in traditional “body” it makes up for in technology, such as the vehicle’s human-machine interface, or HMI, with the driver.

You could say the vehicle is an experiment for the company in many ways when it comes to its technologies.

• Advantages: Design, technology, software, weight (lowest in the segment), four-wheel steering
• Cons:Design, access to the bed, interior space and quality.

The GMC Hummer EV, the first electric truck to hit the market, is the most comparable to the Cybertruck in terms of performance, price, and overall ostentation.

Driving the vehicle, whether on or off-road, is quite an experience. GM has called it the world’s first “supertruck.” It’s fast, big and the least fuel-efficient electric vehicle currently on the market, according to the U.S. Environmental Protection Agency. The SUV version is smaller and more maneuverable than the pickup version.

Both Hummer variants bear the brunt of GM’s rapid vehicle development. They are heavy (the pickup is estimated to weigh nearly 9,000 pounds) compared to any other consumer vehicle on the market today, including their all-electric pickup counterparts.

While the Hummer EVs can hit 0-60 mph in 3.5 seconds or less and are extremely capable with their performance parts, the weight of the vehicles can easily be it was felt when driving them.

GM designers did a good job of modernizing the Hummer’s exterior design for the new EVs, including allowing the roof panels to be removed. However, the interior can feel, like the vehicles themselves, very bulky.

• Advantages: Design, capability, durability, all-wheel steering, hands-free Super Cruise advanced driver assistance system
• Cons: Design, efficiency, spacious interior, autonomy.

GM’s newest all-electric pickups are the Chevrolet Silverado and GMC Sierra DeVille, both of which offer high-end models costing nearly $100,000.

While GM’s design team did an exceptional job of separating the looks of the vehicles to appeal to their respective brands, the parts and functionality of the vehicles are largely the same.

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

The Sierra is more refined and luxurious than its Chevrolet counterpart: it has open-pore wood, larger overall screens, GMC’s “crab mode” with four-wheel steering (shared with the Hummer), and other features.

A unique and standout feature of the Silverado and Sierra EVs compared to others is the capability of a “mid-door,” in which the vehicle’s rear seats fold down and the rear glass can come out to create a nearly 11-foot-long truck bed and segment-leading cargo area.

Both the Silverado and Sierra EV ride well and feel “truck-like,” but they’re also still much heavier than their non-GM competitors.

• Advantages: Capacity, charging speed, autonomy, Super Cruise, midgate, four-wheel steering
• Cons: Efficiency, interior (mostly Silverado), weight

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

The second generation of vehicles, which was launched earlier this year, improved the trucks’ ride quality and handling. The R1S’ driving experience was noticeably smoother than that of the first generation of vehicles.

While the exterior designs of the vehicles remained largely unchanged in the second generation, Rivian claims they offer ten times more computing power than before. The company has also changed more than half of the hardware components.

Where the R1T and R1S really stand out is in their interior designs. They’re minimalist, like Tesla products, but still have enough other controls to please traditional buyers. The functionality and human-machine interface are also impressive.

• Advantages: Design, software, interior design
• Cons: Load speed capability, no four-wheel steering, advanced driver assistance system

The F-150 Lightning is the most affordable all-electric pickup on the market. That includes its roughly $63,000 starting price, driving dynamics, and functionality. It largely operates like a traditional F-150, but it’s electric. That’s because it shares many parts with its internal combustion engine siblings.

When the F-150 Lightning hit the market, it was the first “commercial” electric truck. It was followed by the Hummer “supertruck” and the Rivian R1T, but it was the first real test of an all-electric vehicle for traditional truck owners.

At launch, the vehicle stood out, but the competition caught up or surpassed it in terms of range, driving dynamics, and overall performance, especially when compared to previous $100,000 trucks.

The F-150 Lightning, which can top out at $90,000, is still a solid vehicle, but for buyers looking to spend around $100,000 or more, the competition is much more intense than it was when the truck launched in 2022.