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It's Not Just the Cybertruck. the Big Electric-Truck Bet Fell Apart.
Business Insider • • business
Key Points:
- Full-size electric pickup trucks have underperformed in the market, with sales dropping 53% through September compared to last year, leading to canceled models, production cuts, and significant financial write-downs by major automakers.
- High costs, limited range, and performance compromises such as reduced towing capability have deterred traditional pickup buyers from adopting electric versions, despite their environmental appeal and advanced features.
- Major companies like GM, Ford, Stellantis, and Tesla have faced billions in losses related to their electric truck ventures, with Tesla recently discontinuing its Cybertruck.
- Automakers are now shifting focus to smaller, more affordable electric trucks, such as Ford's upcoming Fathom priced under $29,000 and Slate Auto's minimalistic Blank Slate starting at $24,950, aiming to attract buyers with lower prices and sufficient range.
- Industry experts remain cautiously optimistic that smaller electric trucks with at least 300 miles of range could succeed, though challenges remain compared to electric SUVs or sedans.
