DETROIT (AP) — When a futuristic-looking electric Ram pickup truck hits the market next year, it’s unlikely to be first in line.
By then, at least seven EV competitors will be on the market, all vying for a share of the huge full-size truck market, which now includes the best-selling gasoline and diesel vehicles in the United States.
Four models are already available: Ford’s F-150 Lightning, Rivian’s R1T, Lordstown Motors’ Endurance and the GMC Hummer EV Pickup. And this year or next year, three of his will be on sale: Chevrolet Silverado EV, GMC Sierra EV, and Tesla’s Cybertruck.
But executives at Ram, Stellantis’ truck and commercial vehicle brand, said they don’t mind following their competitors rather than leading them.
Ram brand CEO Mike Koval Jr. said in an interview: “Because I am fully aware of what the other guys have announced.”
On Thursday afternoon, company executives unveiled a concept version of the Ram 1500 Revolution battery-powered truck at the CES Gadget Show in Las Vegas. The production truck is likely not as edgy as the one shown on stage, and looks like a middle ground between Tesla’s angled his Cyber truck and a conventional gasoline pickup. But Koval said the Ram EV will outperform its competitors in areas where customers care most: payload, towing, range and technology.
GM has announced that the Silverado EV can travel over 400 miles (640 kilometers) on a single charge. (Competitors range from 230 to 400 miles, depending on battery size.) Koval claims that the Ram produced will “push out everything the competitors have announced.”
He noted that by next year, more charging stations and other infrastructure will be installed, making the market for EVs more attractive.
Jessica Caldwell, Executive Director of Insights at Edmunds.com, said the Ram is coming to market too late because the electric trucks currently on sale cannot fully meet the sustained growth in consumer demand. said it would not.
More than 170,000 people have deposited a $100 refundable deposit with Sierra, GM said. Last year, Ford sold over 15,000 of his Lightning trucks, but those vehicles weren’t available to him until May. The company closed pre-orders after he received $100 deposits from about 200,000 potential buyers.
Last year, Americans bought more than 2.1 million full-size pickups, most of which still run on gasoline. Heavy-duty pickup trucks account for more than 15% of all new car sales in the US, making it a huge and profitable market. Sales of electric vehicles are growing rapidly. Last year, 807,000 vehicles were sold in the US, up 65% from 2021.
Michelle Krebs, executive analyst at Cox Automotive, said EV trucks are relatively expensive and will need to be priced closer to the gasoline version to lure buyers away.
Ford’s electric pickup was originally going to have versions starting at around $40,000. However, the current starting price is just under $56,000 due to demand and higher raw material prices. That’s a lot more than his base petrol-powered F-150, which sells for just under $34,000.
“The pricing problem is that the cost of building an EV is rising. The prices of lithium and other (battery) minerals are skyrocketing.”
Automakers say prices should fall as companies spread costs across more vehicles and breakthroughs in battery chemistries reduce the amount and even eliminate minerals needed for energy storage.
Koval says he is fully aware that the electric Ram will have to appeal not only to customers looking for a working version of the base model, but also to those looking for more expensive luxury and tech.
“We try to offer something for everyone,” he said.
The truck also offers 350 kilowatts of fast charging, which can add up to 100 miles of range in about 10 minutes. Spacious interior accessed through ‘saloon style’ doors with multiple configurations.
Krebs admits it may take a while before people give up on petrol-powered trucks. In the Midwestern states and Texas, where most pickup trucks are sold, there aren’t many EV charging stations that allow long-distance travel.
Electric trucks could also appeal to businesses that want to buy work trucks and get tax credits to avoid paying for gas.
Caldwell believes the market for electric pickups will include those who use them for work and those who otherwise buy electric SUVs for personal use.
Electric trucks “kind of give people who were hesitant[about EVs]more reasons to buy,” she said.
