Electric pickup trucks are coming soon – The Tesla pickup reveal is on November 21
Electric bikes, sedans and SUVs are all now regularly seen on our roads, but soon we will start to see electric trucks of all types and sizes.
The Tesla electric pickup truck
This coming November 21 is the Tesla (NASDAQ: TSLA) all-electric pickup truck reveal. The Tesla pickup, also nicknamed the “Cybertruck”, is said to look like something from the movie Blade Runner. In October Elon Musk tweeted: “Cybertruck doesn’t look like anything I’ve seen bouncing around the Internet. It’s closer to an armored personnel carrier from the future.”
The base model price is said to be under US$50,000. Range is expected to be between 400 and 500 miles depending on the version. Production dates are yet to be released.
Elon has said the e-pickup truck will be “a better truck than an F-150 in terms of truck-like functionality, and be a better sports car than a standard (Porsche) 911.”
Other Tesla products expected soon are the Tesla Roadster 2 and Tesla Semi (said to be entering production in 2020), as well as Tesla Model Y (deliveries starting possibly in late 2020).
The Tesla electric pick up truck mystery – What will it look like?
The Rivian electric pickup truck
Another electric truck coming soon that has already had a great response from the public is the Rivian electric pickup truck, known as the ‘Rivian R1T pickup’. It will have a range of ~400 miles, 4 electric motors which will accelerate from 0-60mph in just 3 seconds, and a starting price of US$69,000. It is currently in the testing stage and first deliveries are set to begin in late 2020. Both Amazon and Ford are backers of the company which is still not yet listed.
The Rivian R1T pickup will be perfect for taking on a road trip
The all-electric Ford F-150
Even the current US pickup truck leader Ford is racing to have an electric pickup as soon as possible. Ford is the undisputed leader in US conventional pickup truck sales.
The key takeaway for investors is that the electrification of the entire transport fleet is coming, noting long range planes will be conventional or hybrid. Electric pickup trucks are just around the corner.
Based on past performance Tesla is the one to beat, given they dominate the US electric car market sales with 57% market share, and are the global number 1 electric car seller with 16% global market share. Tesla previously disrupted the luxury large sedan market with Model S, and is now disrupting the small and mid-size luxury sedan market with Model 3. Rivian (private) look to have a great niche product for those on a high budget, and Ford should benefit from their loyal pickup customer base, but certainly look likely to lose market share.
For now my money is on Tesla. Tesla Model 3 sales is dominating the luxury car market of conventional cars in the US and its production in China is about to begin. They have a great pipeline of new EV products ahead (Semi, Roadster 2, Pickup, and Model Y), their energy storage products (Powerwall, Powerpack, and now Megapack), as well as their solar roof. Tesla was profitable last quarter but still has a lofty forecast 2021 PE of 49, and an analyst’s consensus “hold” and price target of US$285. I think this price target will be upgraded if China Model 3 sales go well, and Tesla’s profits start to increase each quarter.