The Challenges Facing Full-Size Electric Pickup Trucks
Full-size pickup truck customers have specific expectations when it comes to towing and hauling, but EV versions fall far short of their internal-combustion-engine counterparts. Ford has already backtracked on big electric pickups, instead turning toward developing extended-range full-size trucks to maintain range along with towing and hauling capacity.
Residuals on EVs in the segment lose much of their original value after three years, with the Tesla Cybertruck faring the best among the bunch. According to Black Book’s March 1 projections, a base 2024 Tesla Cybertruck AWD crew cab will hold 60.9% of its original $81,985 MSRP for a residual value of $49,900 after the end of a 36-month lease.
In contrast, the Ford F-150 Lightning, the first full-size EV pickup truck from a volume manufacturer, depreciates significantly. Black Book estimates a ’24 Lightning Lariat SuperCrew 4WD, which stickered at $79,845 when new, would be worth just $26,725, or 33.5%, at the end of its three-year lease.
Other EV pickups evaluated by Black Book include the Rivian R1T, which is actually midsize. An R1T Adventure Dual-Motor AWD crew cab retains an estimated 46.3% of its $80,700 sticker price, or $37,400. General Motors models evaluated by Black Book fall in between, with a ’24 GMC Hummer Crew Cab 4WD and a 2024 Chevrolet Silverado EV Crew Cab 4WD retaining 50.1% and 49.4% of their original prices, respectively.
Ford’s CEO Jim Farley said the automaker is developing EREV extended-range electric power for larger vehicles, including big pickups, to maintain range along with towing and hauling capacity. Consumers of full-size trucks simply expect them to have range and towing capacity without compromise, Farley said.
The future of full-size electric-powered pickup trucks faces a rocky road ahead. As the global and domestic EV market continues to evolve, it remains to be seen how these vehicles will fare in the long term.
