The Conundrum of EV Trucks – At What Price Capability?
By Edward A. Sanchez — Aug. 13, 2024
Ford CEO Jim Farley’s wish for Americans to “fall in love with small cars” again reflects the Catch-22 scenario that many automakers are feeling right now with EVs. To try to recoup the significant costs of developing an all-new platform, and along with it, manufacturing, supply chain, and other investments, the new models are priced at a premium relative to legacy products. Even at the higher prices, the automakers are still taking a significant per-vehicle loss in many cases. The high prices scare off consumers, or force the automakers to offer hefty rebates or incentives to move them, further exacerbating the financial situation.
The dream of a $40,000 full-size EV truck has all but evaporated, with that idealistic price point disappearing across-the-board with the F-150 Lightning, Cybertruck, and Silverado EV. The battery packs alone in these trucks by some measures reportedly run between $20,000-$30,000 each, leaving precious little margin on $40,000 or even $50,000 purchase prices. To give these trucks any sort of real capability, 100+ kWh battery packs are required. Yet it becomes a law of diminishing returns when these packs, which can approach 3,000 lbs in some cases, eat into payload capacity.
What I believe the market is clamoring for, and by some reports, Ford is aiming to deliver, is a Maverick-sized truck at a reasonable price point, with reasonable capability for its class (which in the U.S., currently consists of two entrants: the Maverick and Hyundai Santa Cruz). Customers for these trucks aren’t necessarily expecting 11,000-pound towing capacity and 3,000-pound payload capacities.
A Maverick-sized EV truck with about a 75-80 kWh battery, 250-mile range, for about $35,000, would be a massive hit with both fleets and consumers. And if I may editorialize, please throw in a midgate to add some cargo versatility and flexibility. I am not alone in this opinion, with The Autopian’s Jason Torchinsky concurring.
Is a Maverick-sized EV pickup truck the right answer for both manufacturers and consumers? Could be.
Speaking of the Maverick, price creep is a real issue, with the price going from a much-ballyhooed $19,995 at its introduction in 2022 to $27,890 (including $1,595 destination fee) for the 2025 model, a more than 30% increase. Even with that steep increase, the Maverick remains the lowest-priced pickup in the US market. Playing with Ford’s online configurator, it’s not hard to push a Maverick to over $40,000. At that point, Ford’s mid-size Ranger starts to make more sense.
The only current EV trucks that can do true “truck stuff” (if your definition is substantial towing for more than 200 miles between charges) are the Chevy Silverado EV, and based by its announced specifications, the Ram 1500 REV. Both trucks cost more than $60,000, have 200+ kWh batteries, and have rated (or announced) towing capacities above 10,000 pounds. While those may be good for sports bar braggadocio, Super Duty owners can boast 1,200 lb-ft of torque, payload capacities of more than 5,000 pounds, in some cases, and towing capacities of 30,000+ lbs.
Aside from the 8,600+ pound GVWR truck HD segment, most non-fleet trucks are owned and used as private use personal vehicles, occasionally used for utilitarian tasks, but in most cases interchangeable with minivans, crossovers, or SUVs. Truthfully, those brag-worthy capabilities are not needed by most buyers.
If Farley (and others) are listening, the Maverick is the start for the right formula for a Swiss Army-like EV truck. If the cost can be kept reasonable, and provide reasonable utilitarian capabilities, you’ll likely have a hit that won’t only have demand from the early adopters, but sustained demand for likely years to come. And while you’re listening, please include a midgate.
(Image courtesy Ford)
