Ford and Rivian have released their Q3 2023 delivery figures, and they show a strange trend: electric pickup truck sales are declining, while EV sales overall are growing exponentially.
Ford’s F-150 Lightning electric pickup truck sales peaked in Q4 2022 and have been declining ever since. Rivian’s R1T pickup truck sales have also peaked and are now declining, although their R1S SUV sales are growing rapidly.
This is puzzling, given that pickup trucks are the best-selling segment in the US by far. And it’s even more puzzling given that EV sales overall are growing rapidly.
So what’s going on?
One possibility is that the current offerings in the F-150 Lightning and Rivian R1T aren’t catering to what customers are looking for in an electric pickup truck. This could be due to factors such as access to charging, towing capacity, range, or price.
Another possibility is that potential buyers are waiting for the release of the Tesla Cybertruck. Deliveries for the Cybertruck are expected to begin in late October or early November, and Tesla has said that it will have a longer range, more towing capacity, and a lower price than its competitors.
Tesla Cybertruck effect has arrived?
Ford and Rivian have released their Q3 2023 delivery figures, and with them come very interesting trends.
Ford breaks out deliveries by model, including their electric F150 Lightning pick-up truck.
Rivian doesn't break out deliveries by… pic.twitter.com/KvhnasD881
— Farzad Mesbahi (@farzyness) October 4, 2023
If the Cybertruck is as good as Tesla promises, it could quickly take market share in the EV truck market. Tesla has said that it has over 1.5 million reservations for the Cybertruck, which suggests that there is a lot of pent-up demand for an electric pickup truck that meets the needs of customers.
It will be interesting to see how the EV truck market plays out in the coming months and years. If the Cybertruck is a success, it could lead to a major shift in the way people think about pickup trucks.
Analysis:
The Tesla Cybertruck effect is a real thing. Ford and Rivian are seeing their electric pickup truck sales decline, while Tesla has over 1.5 million reservations for its Cybertruck. This suggests that there is a lot of demand for an electric pickup truck that meets the needs of customers.
The Cybertruck is expected to have a longer range, more towing capacity, and a lower price than its competitors. If this is true, it could quickly take market share in the EV truck market.
The success of the Cybertruck will depend on a number of factors, including its pricing, features, and performance. However, if it lives up to its hype, it could have a major impact on the automotive industry.
The potential impact of the Tesla Cybertruck on the automotive industry is significant. Tesla is already a major player in the EV market, and the Cybertruck could help it to become a major player in the pickup truck market as well.
If the Cybertruck is successful, it could lead to a major shift in the way people think about pickup trucks. Electric pickup trucks offer a number of advantages over traditional gas-powered pickup trucks, including lower operating costs, reduced emissions, and improved performance.
The success of the Cybertruck could also lead to other automakers increasing their investment in electric pickup trucks. This would benefit consumers by providing them with more choices and driving down prices.
Overall, the Tesla Cybertruck effect is a positive development for the automotive industry. It is accelerating the transition to electric vehicles and providing consumers with more choices.
What to expect in the coming months and years
It will be interesting to see how the EV truck market plays out in the coming months and years. If the Cybertruck is a success, it could lead to a major shift in the way people think about pickup trucks.
Other automakers are also developing electric pickup trucks, including General Motors, Ford, and Rivian. These automakers are likely to respond to the Cybertruck by offering more competitive products.
The EV truck market is still in its early stages of development, but it is growing rapidly. The success of the Tesla Cybertruck could help to make electric pickup trucks mainstream.
This would be a positive development for the environment and for consumers. Electric pickup trucks offer a number of advantages over traditional gas-powered pickup trucks, including lower operating costs, reduced emissions, and improved performance. Continue Reading
