The $100,000 electric truck market is here

DETROIT- Tesla, General Motors, Rivian Automobiles And Ford Motor have created a brand new market within the U.S. automotive industry for expensive, powerful and precarious electric pickup trucks that sell for $100,000 and more.

Just five years ago, the thought of ​​a customer paying six figures for a pickup truck – originally a piece vehicle designed for hauling and towing – made national headlines. But that's quickly grow to be the norm as automakers try to spice up profits on traditional trucks and easily make a profit on electric vehicles.

“Customers are willing to spend money, so automakers are going to give it to them,” said Stephanie Brinley, senior automotive analyst at S&P Global Mobility. “In general, the fact that pickup trucks are getting more equipment, better features and better materials just reflects the general attitude of consumers to want more.”

But unlike traditional internal combustion engine pickup trucks, which cost $100,000 and have higher performance characteristics than their cheaper counterparts, electric trucks are costlier partly because of latest technology, which incorporates the expensive batteries needed to power the vehicles.

“If you think about who is actually buying these new electric vehicles, it is definitely for the [automakers]a different target audience,” said Stephanie Valdez Streaty, Cox Automotive Director of Industry Insights. “These are very expensive niche vehicles.”

There are currently a handful of electric trucks available for purchase on the US market: the Tesla Cybertruck, the Ford F-150 Lightning, the Rivian R1T and General Motors' GMC Hummer EV, GMC Sierra Denali and Chevrolet Silverado. The GMC Hummer and Rivian also have SUV versions that have similar features to their pickup counterparts, but in a different form.

All of these vehicles can come close to or easily exceed the $100,000 mark, 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 traded for over $100,000 last month – and the Tesla Cybertruck became the best-selling vehicle in the U.S. with a price tag in the six-figure range or more.

For comparison, the average price for a conventional full-size pickup is $65,713, including average discounts of 7%. according to Kelley Blue Book.

Overall, the electric truck market, including SUVs, sold nearly 58,000 vehicles in the first half of this year, according to Motor Intelligence estimates. While that's less than 1% of the roughly 7.9 million new light vehicles sold in the U.S. during that period, the data shows a quarterly increase of 35% from the first to the second quarter.

The market is expected to continue to grow, but so far I've driven each of these $100,000 vehicles for varying periods of time. They all drive and handle well, but in different ways. Here are some thoughts on each:

The Tesla Cybertruck is in a league of its own in virtually all areas – design, function, polarization and equipment.

It's much more “cyber” than “truck.” While it has some truck features, like a bed and other convenient features, it's not a truck in the traditional sense of the word.

The Cybertruck features tight steering, including a yoke and steer-by-wire system, a stiff chassis similar to that of a sports car, and a design, albeit arbitrary, that is more about form than function – historically one of the main reasons for buying a pickup truck.

The Cybertruck, like its GM competitors, also features “all-wheel steering,” where all of the vehicle's wheels help with turning. This makes larger vehicles much easier to maneuver compared to a traditional vehicle, where two wheels steer the vehicle.

What the Tesla Cybertruck lacks in traditional “truck character” it makes up for in technology, particularly the vehicle’s human-machine interface (HMI) with the driving force.

The vehicle is an experiment for the corporate in some ways by way of its technologies.

• Advantages: Design, technology, software, weight (lowest in segment), all-wheel steering
• Disadvantages: Design, bed access, interior and quality

The GMC Hummer EV – the first electric truck on the market – is most comparable to the Cybertuck in terms of performance, price and overall elegance.

Driving the vehicle, whether on or off road, is an experience. GM has called it the world's first “supertruck.” It's fast, big and the least efficient consumer electric vehicle currently available, according to the US Environmental Protection AgencyThe SUV version is smaller and easier to drive than the pickup version.

Both Hummer variants bear the weight of GM's rapid vehicle development. They are heavy – an estimated 9,200 pounds for the pickup – compared to any other consumer vehicle on the market today, including their all-electric truck counterparts.

Although Hummer's electric vehicles can accelerate from 0 to 60 mph in 3.5 seconds or less and are extremely capable with their high-performance parts, the weight of the vehicles is clearly felt when driving.

GM's designers have done a good job of modernizing the Hummer's exterior design for the new electric cars, for example adding the ability to remove roof panels, but the interior, like the vehicles themselves, can feel very bulky.

• Advantages: Design, performance, durability, all-wheel steering, hands-free Super Cruise driver assistance system
• Disadvantages: Design, efficiency, voluminous interior, range

GM's newest all-electric pickup trucks are the Chevrolet Silverado and the GMC Sierra Debali. Both are high-end models that cost nearly $100,000.

While the GM design team has done a great job of separating the vehicles in terms of their respective brands, the parts and functions of the vehicles are largely the same.

Both vehicles have an EPA range of 440 miles and offer up to 754 horsepower and 785 pound-feet of torque. Importantly for many truck customers, they also tow up to 10,000 pounds and can charge for 100 miles in about 10 minutes using a DC fast charger (assuming you can find a compatible charger).

The Sierra is more upscale and luxurious than its Chevrolet counterpart: it features open-pore wood, larger windows, GMC's “crab mode” with four-wheel steering – which it also has with the Hummer – and other features.

A unique feature that sets the Silverado and Sierra electric vehicles apart from others is the ability to offer a “Midgate” feature, which allows the vehicle's rear seats to fold down and the rear window to extend to create a 11-foot-long bed and segment-leading cargo space.

Both the Silverado and Sierra EV drive well and feel like a truck, but are still much heavier than their competitors from other manufacturers.

• Advantages: Performance, charging speed, range, super cruise, center door, all-wheel steering
• Disadvantages: Efficiency, interior (especially Silverado), weight

Rivian's flagships, the R1T pickup truck and the R1S SUV, remain the leaders in the electric truck segment when it comes to outdoor adventure and lifestyle vehicles – and are modeled after vehicles like Jeep.

The second generation of the vehicle, which was launched earlier this year, offers improved driving characteristics and higher quality. The driving experience with the R1S was significantly more pleasant than with the first generation of the vehicle.

While the external design of the vehicles remained largely unchanged for the second generation, Rivian says they offer ten times more computing power than before. The company also replaced more than half of the hardware components.

Where the R1T and R1S really stand out is their interior design. They are minimalistic, similar to Tesla products, but still have enough other controls to satisfy mainstream and traditional buyers. The functionality and HMI are also impressive.

• Advantages: Design, Software, Interior
• Disadvantages: Loading speed possible, no all-wheel steering, advanced driver assistance system

The F-150 Lightning is the most affordable all-electric truck on the market. These include its starting price of around $63,000, driving dynamics and functionality. It functions largely like a conventional F-150 – but is electric. That's because it shares many parts with its combustion-engine siblings.

When the F-150 Lightning came out, it was the first “mainstream” electric truck. It followed the Hummer “Supertruck” and the Rivian R1T, but was the first real test of such an all-electric vehicle for owners of conventional trucks.

The vehicle was a head-turner when it was launched, however the competition has largely caught as much as or surpassed it by way of range, driving dynamics and overall performance, especially in comparison to the $100,000 trucks mentioned above.

The F-150 Lightning, which may cost over $90,000, continues to be a solid vehicle, but for buyers seeking to spend around $100,000 or more, the competition is way greater than when the truck launches in 2022.