Tuesday, January 31, 2023
News New Study Shows 39 Percent of Truck Buyers Considering Electric

New Study Shows 39 Percent of Truck Buyers Considering Electric

Less than half of truck buyers thinking EV

  • Ford gets top consideration even without branding

  • Tesla fares better when buyers know it’s a Tesla


What impact will the impending arrival of electric pickup trucks like those from Ford, GMC, Tesla, and Rivian have on the share of electric vehicles on the road? Auto industry analysts Cox Automotive have taken a look have valuable data on where buyers are when it comes to the electric hauler and found some interesting results, including that the Cybertruck might just be a little too extreme for pickup buyers.

2.9 million new pickups were sold last year in the US, making it about a fifth of the entire market. EVs still have just a tiny share of the overall, though it continues to grow. Cox says that nearly two in five buyers who want a new pickup in the next two years are considering an EV to do the job. Younger buyers, 18-34, are much higher than the average, with 44 percent saying they’re interested in an EV or an ICE truck. When it comes to considering only an EV truck, though, the rate is much lower. Just four percent overall and five percent of 18-34s are interested in only an EV truck. Men are much more likely to want only an EV, at five percent versus two percent for women.

For buyers of both types of truck, price and performance are the most important considerations. Third-most important changes, with 82 percent of EV pickup shoppers taking interior design into consideration third place, while size and ability to transport cargo tie for third for ICE trucks.

Shoppers consider brand name to be least important, with EV shoppers (45 percent) less worried about brand name than ICE shoppers (55 percent), which is good news for the many new EV truck intenders brands. Interestingly, 77 percent of ICE shoppers find horsepower important versus just 58 percent of EV shoppers.

Looking only at images of the vehicles, without brand or model indicators or product details, 59 percent of truck shoppers found the Ford F-150 Electric appealing, versus 41 percent for the Hummer truck, 39 percent for Rivian, and just 19 percent for the Tesla Cybertruck.

If the brand and product features are re-added, Ford still has the most consideration with 45 percent, but Tesla performs much better at 32 percent, showing the strong recognition of hte brand. The Hummer EV was at 29 percent and Rivian at 25. Narrowed to just those in the market for an EV, 75 percent said they’d consider Ford, with Tesla, Hummer, and Rivian at 48 percent, 42 pecent and 42 percent, respectively.

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