What's on the horizon for electric trucks? There was some serious buzz about the Rivian electric truck. But has the excitement simmered as they've struggled to meet demand? There are so many questions because electric trucks aren't on the street en masse yet, so their future is conjecture.
Many manufacturers are competing to be the big name in electric trucks. We'll predict who will come out ahead and give insight into the future of electric trucks, including incentives, insurance, and how Tesla insurance is paving a new path, and innovations.
The Big Names in Electric Trucks
While these manufacturers show tremendous promise, you never know when a little-known company will break onto the scene and blow the competition out of the water.
Tesla Cybertruck
We all remember the bulletproof windshield demonstration that didn't go as planned, but Elon Musk has faced his share of challenges and setbacks before, and they've never defined his product.
While pickup trucks are one of the most expensive vehicles on the market and Tesla manufactures some of the most expensive cars available, you may be surprised to learn that the Cybertruck is set to be one of the most affordable trucks on the market.
While it certainly doesn't look like a traditional truck, it doesn't run like one either, so why not reinvent the wheel?
Rivian R1T
Rivian has been around for a while, but the average person hadn't ever heard of them until they beat the big-name competitors to become the first mass-produced electric truck on the market. If you understand the saying, "rides like a truck," you'll be surprised by how smoothly this truck rides, thanks to the air suspension.
With significant investors, including Amazon for $700 million, you can expect that Rivian will only improve upon the dependable truck they've already created.
Ford F-150 Lightning
Ford F-150s are a longtime favorite of consumers. It's been the best-selling truck for decades, and the F-150 Lightning looks like it may continue that tradition. Preorders closed in late 2021 at almost 200,000 reservations, which will take up to five years to fill.
The intelligent backup power system is pretty incredible and allows homeowners to use their F-150 Lightning's battery to serve as a generator for their home if they lose power.
GMC Hummer EV SUT
GMC, another of the most popular names in vehicle manufacturing, is coming out with a rugged Hummer pickup truck followed shortly by a Hummer SUV. The offroad suspension option allows drivers to give their truck a six-inch lift, making it easier to tackle the roughest roads.
If you're interested in an early model of the Hummer SUT, you need to plan to spend over $100,000, but if you're willing to wait, you may be able to snag a less-equipped model for about 30% less.
Chevrolet Silverado Electric Truck
Chevy's on board with the competition with their electric truck. Production is still a way out, and Chevy hasn't unveiled its final design, but what we know is that it will run on the same electrical platform as the Hummer.
While it doesn't go from zero to 60 quite as fast as the cars in "The Fast and the Furious" franchise of films, or even many of its electric truck competitors, the 400-mile battery range helps make up for it.
Thanks to all four wheels working together for tighter turns, you won't find yourself singing the classic line, "Give me 40 acres, and I'll turn this truck around."
The Anticipated Leaders in Electric Trucks
It's hard not to go with the Ford F-150 Lightning as the predicted winner. Ford is the name in trucks, and there's no denying the public wants what Ford has promised in the Lightning.
At the same time, is it ever a good bet to go against Tesla? Their loyal following will undoubtedly keep the Cybertruck in the running, even though it appeals to a different crowd than your typical truck enthusiast.
Or perhaps the R1T will continue to surprise us all and run away with the electric truck market.
It will be an adventure to follow the market and see which models exceed expectations and which fall flat.
The Future of Electric Trucks
"The future is electric." That's what the industry leaders, and even President Joe Biden, are saying. And that future isn't very far away.
Government Incentives
Currently, electric vehicles (EVs) cost more to manufacture than their combustion engine counterparts, and it takes several years for the lower per-mile and maintenance costs to offset the higher purchase price. However, government incentives help lower that initial cost, and manufacturers are depending on those incentives to boost their sales.
In fact, some of the manufacturers who pledged to join President Biden's plan to produce 50% electric vehicles by 2035 included a caveat with their promise. They're committed to working toward that goal as long as the government is willing to help them reach it.
Insurance Premiums for EVs
Even if incentives lower the purchase price, the insurance costs for electric vehicles will remain high because insurance companies don't get incentives when they reimburse vehicle owners for repairs and losses.
Tesla got tired of witnessing insurance companies charge more for their vehicles than other comparable cars, so they created their own insurance policy. It started in California, but now it's available in five states, and they're managing to keep premiums low for their customers.
Perhaps more manufacturers will follow suit and develop cheap full coverage insurance products that accurately reflect the risks of their vehicles.
Electric Vehicle Innovations
Battery innovations will be the crucial factor in determining who will lead the electric truck market. Expect to see engineers working on faster charges, bigger and more efficient storage, lighter weight, lower-cost batteries. They may even leave the current lithium-ion standard for something better.
Regeneration technology recharges the battery by braking and even through the suspension. This progressive revolution will only get better and more efficient.
You can expect more innovation and better products from batteries and charging to towing capacity with more demand. So if you're thinking about getting an electric truck, these next few years will be exciting to watch.
Melanie Musson writes and researches for the insurance comparison site, ExpertInsuranceReviews.com. She's passionate about helping people understand how insurance can serve them and protect their financial stability both now and in the future.
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