While electric cars have been picking up steam and market share for years, 2022 has truly been the year of the electric truck -- the Rivian R1T (RIVN), the GMC Hummer EV and the Chevrolet Silverado EV all either dropped or became available for sale within the last 16 months.
Another electric truck, the Ford F-150 Lightning (F), just received MotorTrend's Truck of the Year standing -- the annual award dates back to 1977 when the car magazine first gave it to the Ford Econoline van.
This is the second consecutive year that the award goes to an electric vehicle, rather than traditional pick-up truck. Last year, the award was given to the Rivian R1T. The dominance of electric trucks, as well as the fact that the judges were unanimous in selecting it, marks a major turning point in how the industry is starting to perceive electric trucks.
A Turning Point for Electric Trucks and the Industry
"Electric pickup trucks to date have all been lifestyle vehicles aimed at people with a lot of disposable income to spend on outdoorsy hobbies," MotorTrend said in announcing the winner. "[...] In building an EV truck that looks just like any other gas- or diesel-powered pickup on the market, Ford gambled traditional truck customers will be more receptive to the kind of pickup they're familiar with and have relied on for years."
Unveiled by Ford in May 2021, the F-150 Lightning is a chargeable version of the traditional F-150 that has been around since 1975. Features include two electric motors and all-wheel drive with a range of up to 320 miles with a boosted battery (230 for the basic version).
The F-150 Lightning became extremely popular almost as soon as it dropped, and despite the fact that Ford raised the price tag for the Pro version several times from $40,000 to $51,974, it is currently backed up with waiting list orders. Some auto sites report that those placing an order today could wait up to three years to get the keys.
"Ford’s sales of electric vehicles expanded at approximately twice the rate of the overall electric vehicle segment in November as Ford prepares to increase production next year to meet U.S. demand," Ford said in a statement in November.
Ford
The Future Is Electric in a Real, Non-Cliché Way
Even as dozens of new electric car models followed Tesla (TSLA), electric pick-up and trailer trucks were much slower in coming, in no small part due to the stronger engine required for heavy-duty vehicles.
This, however, is changing fast. While only 10,200 commercial vehicles in the U.S. were electric trucks in 2018, that number is projected to rise to 324,100 by 2026. That is a CAGR of 73.65% with the biggest beneficiary being in the medium-duty space.
Electric semi trucks like the Volvo VNR Electric and eCascadia Frightliner are currently in production but it will take a while for electric trucks powerful enough to haul freight long distances to outpace what can presently be done by traditional semis. Plug-in pick-up trucks, meanwhile, are seeing significant expansion in the range of features that would make them attractive to drivers who need high-performance vehicles.
"Pickup trucks, more than any other vehicle type, are typically bought for what they're capable of doing should the need arise," MotorTrend wrote. "[...] No serious truck owner is going to give up that kind of versatility just for the ease of refueling at home or the ability to hit 60 mph quicker."
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