Fronts of the GMC Sierra Denali,Tesla Cybertruck and Ford F-150 Lightning EVs (left to right).
Michael Wayland / CNBC
DETROIT – Tesla, General Motors, Rivian Automotive and Ford Motor have created a new market in the U.S. automotive industry of pricey, powerful and precarious 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 cause for national headlines. But it has quickly become normal, as automakers attempt to increase profits on traditional trucks and simply make a profit on electric ones.
“Customers are willing to spend, so automakers are going to give it to them,” said Stephanie Brinley, principal automotive analyst at S&P Global Mobility. “In general, pickup trucks getting more equipment, better features and better materials really just reflects general consumer attitude of wanting more.”
But unlike $100,000 traditional pickup trucks with internal combustion engines that offer superior capabilities compared with their lower-priced counterparts, electric trucks have higher price tags in part because of their technologies, including the costly batteries needed to power the vehicles.
“If you think about who’s actually buying these new EVs, it’s definitely, for the [automakers], a different demographic,” said Stephanie Valdez Streaty, Cox Automotive director of industry insights. “These are very expensive, very niche vehicles.”
There are currently a handful of electric trucks for purchase in the U.S. market: the Tesla Cybertruck, Ford F-150 Lightning, Rivian R1T and General Motors’ GMC Hummer EV, GMC Sierra Denali and Chevrolet Silverado. The GMC Hummer and Rivian also have SUV versions, which feature similar functions as their pickup counterparts but in different forms.
All those vehicle can get close to or easily top $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 both vehicles transacted for over $100,000 last month — and the Tesla Cybertruck became the best-selling vehicle in the U.S. priced at six figures or more.
That compares to the average price paid for a traditional full-size pickup of $65,713, including average discount incentives of 7%, according to Kelley Blue Book.
Overall, this electric “truck” market, including the 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 light-duty new vehicles sold during that time in the U.S., but a 35% quarterly increase from the first to the second quarter, according to the data.
The market is expected to keep growing, but for now I’ve driven each of those $100,000 vehicles for varying amounts of time. They all drive and handle well, but in varying ways. Here are some thoughts on each:
Tesla Cybertruck
The Tesla Cybertruck is in a league of its own when it comes to pretty much everything — design, function, polarization and features.
It is far more “cyber” than “truck.” It indeed has some truck capabilities, such as a pickup bed and other utilitarian features, but it is not a truck in any traditional sense of the word.
A Tesla Cybertruck near General Motors’ Renaissance Center world headquarters in Detroit.
Michael Wayland / CNBC
The Cybertruck features tight steering, including a yoke and “steer-by-wire” system; a stiff chassis similar to a sports car; and, while arbitrary, a design that is far more form than function, which is historically one of the top reasons to purchase a pickup truck.
The Cybertruck, like its GM competitors, also features “four-wheel steer” in which all the vehicle’s wheels assist in its turning. Compared with a traditional vehicle where two wheels turn the vehicle, it makes larger vehicles much easier to maneuver.
What the Tesla Cybertruck lacks in traditional “truck-ness,” it makes up for in technology, as well as the human-machine interface, or HMI, of the vehicle with the driver.
The vehicle is arguably an experiment for the company in many ways regarding its technologies.
- Pros: Design, technology, software, weight (lowest in segment), four-wheel steer
- Cons: Design, bed access, interior space and quality
GMC Hummer EVs
The GMC Hummer EV — the first electric truck to hit the market — is the most comparable to the Cybertuck in terms of performance, price and overall gaudiness.
Driving the vehicle, whether it’s on- or off-road, is an experience. GM has called it the world’s first “supertruck.” It is fast, large and the least efficient consumer EV on sale today, according to the U.S. Environmental Protection Agency. The SUV version is smaller and more manageable to drive than the pickup truck version.
Both Hummer variants carry the weight of GM’s rapid development of vehicles. They’re heavy — estimated at nearly 9,200 pounds for the pickup — compared with every…
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