The electric pickup truck space is getting crowded. The pandemic did slow down development by several manufacturers, but it's beginning to look like the first EV pickup truck may soon be in the hands of customers.
EV Trucks In The Pipeline: Multiple players have taken the plunge into the EV pickup truck arena, seeing a big opportunity.
Legacy automakers such as Ford Motor Company F and General Motors Company GM and pureplay EV manufacturers such as Tesla, Inc. TSLA, Lordstown Motors Corp. RIDE, Canoo Inc. GOEV and Amazon.com, Inc. AMZN-backed Rivian are among the companies that the have made a beeline to the sector.
The EV truck models in development include:
- Rivian's RIT
- Tesla's Cybertuck
- Ford's F-150 Lightning
- Lordstown's Endurance
- Bollinger's BE
- Canoo pickup truck
- Chevrolet Silverado
- GMC Hummer EV
Timelines For Launch: Rivian seems to have pulled itself out of the crowded field and is ahead in the race to bring the first EV pickup truck to market.
CEO RJ Scaringe confirmed through a tweet on Tuesday the company's first customer vehicle drove off its production line at its Normal, Illinois factory.
Ford is targeting a spring 2022 release of its F-150 Lightning pickup truck. The company has seen its order book abound. Due to strong early demand, the company is reportedly planning to double production.
The company now plans to produce 15,000 vehicles in 2022, 55,000 vehicles in 2023 and 80,000 vehicles in 2024. The numbers could nearly double in 2025, when the company plans to release its second-gen Lightning truck.
Embattled EV truck maker Lordstown has set its sights to begin limited production of its Endurance EV pickup truck in late September. The company, however, hasn't yet committed to a delivery timeline.
Lordstown has found itself amid controversy over booking fake orders and saw its top management, including the CEO and COO, quit. The company is also facing federal regulatory scrutiny.
Against so many challenges, it remains to be seen whether Endurance will have a smooth sailing from the production line to the market.
Related Link: Tesla Cybertruck Vs. Ford F-150 Lightning Vs. Lordstown Endurance: Vs. Rivian R1T: How They Stack Up
Despite being the pioneer in the EV market, Tesla hasn't been able to proceed at a speed it would have desired in the EV truck market.
Tesla initially expected to release the Cybertruck in late 2021, with volume production commencing in 2022. The company later shifted the production timeline by updating the footnotes on the order page, where it suggested "the configurator will be available when production nears in 2022."
CEO Elon Musk reportedly confirmed the delay in a companywide call, suggesting production may not begin until the end of 2022.
Bollinger Motors, a Michigan-based EV manufacturer, is developing an EV pickup truck named B2. The company has been pushing forward production timelines several times, citing engineering difficulties and production issues.
The company's latest itinerary suggests the start of production by late 2021.
Canoo debuted its EV pickup truck in March of this year. The company had said at the time the production version of the pickup truck will open for preorders in the second quarter of 2021, with deliveries beginning as early as 2023.
GMC's Hummer EV pickup truck is coming in four variants, and production is scheduled to begin in the fall of 2021. The pricier Hummer EV Edition 1 is the first version to become available in the fall, while the base model is expected in spring 2024.
GM's Chevrolet Silverado pickup truck will debut as a 2023 model and go on sale in early 2024.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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