Tesla electric pickup truck 'Cybertruck' leads a new wave in the pickup truck market

According to news on July 4, Tesla’s stock price has been soaring recently, ushering in a sustained upward momentum.

Tesla’s stock price closed higher for ten consecutive trading days, setting a new high since October last year and setting a record for the longest consecutive rising day since January 8, 2021. Tesla's stock price has doubled, its market value is approaching one trillion U.S. dollars, and it has experienced an unprecedented huge decline in the stock market in 2022.

The rapid growth of Tesla’s stock price is due to a series of good news, one of which is related to its new car. This car is not a traditional electric car, but a pickup truck.

Tesla plans to produce 375,000 Cybertrucks per year, beating Wall Street expectations, according to reports. Previous analyst forecasts showed that production was expected to be no more than 100,000 vehicles by 2024, and about 240,000 vehicles by 2027. In addition, according to foreign media teslarati, Tesla’s Giga factory in Texas has installed some equipment for the production of Cybertruck and is in the process of completing the last mile of Cybertruck mass production.

Although the market share of pickup trucks in the entire automotive industry is not large, there are still a large number of loyal pickup truck enthusiasts around the world. Tesla has shown its ambitions for this market as early as when Cybertruck was warming up.

For the pickup truck market, a new situation may be coming.

Pickup trucks have always been a very popular vehicle in North America. In North America, most local residents have a detached lifestyle after moving to the periphery of the city. They often need to repair their houses, decorate gardens or go on short trips. Therefore, they have higher requirements for the cargo capacity of cars. Pickup trucks are a kind of Life tools are particularly important in such an environment. According to relevant statistics, 5 of the 10 best-selling cars in the United States in 2020 are pickup trucks, and pickup trucks account for 16% of total U.S. car sales.

However, the pickup truck market seems to have entered a period of "sluggishness" after decades of development. In March this year, new pickup truck sales in the U.S. market increased by only 0.3% compared with the same period last year, while cumulative sales from January to March increased by 1.33% compared with the same period last year. Since 2020, U.S. pickup truck sales have shown a year-on-year downward trend for three consecutive years, down nearly 10% from 2019.

As the leader in the pickup truck market, Ford’s situation is not optimistic either. Ford's F-series pickup truck remains the best-selling pickup truck model in the U.S. market, with cumulative sales reaching 638,340 units in 2022, with a market share of 23.62%. Ford's current annual sales gap is quite large, compared with its once sales of nearly 900,000 vehicles.

One of the reasons why the sales volume of the pickup truck market has hit the ceiling is that its market has been limited to North America and other regions, especially in China, the world's largest automobile consumer market, where consumers have little interest in pickup trucks. Demand is not high, coupled with policy restrictions, the sales of pickup trucks in the domestic market have been tepid. Since 2011, my country's pickup truck sales have grown slowly, and the growth rate has continued to decline. Sales even declined in 2014, 2015 and 2019, and it was not until 2020 that it reached 491,000 units, a record high.

The electric pickup truck Cybertruck launched by Tesla is expected to inject new impetus into the pickup truck market. According to reports, Tesla has received orders for approximately 1.8 million Cybertrucks. The first batch of mass-produced models is expected to roll off the assembly line in August and begin delivery at the end of the third quarter. Based on the annual output of 375,000 vehicles, the initial order needs to be digested within 4-5 years. Consumer enthusiasm for Cybertruck is inseparable from Tesla's brand effect and Musk's influence, but it also shows the growth potential of electric pickup trucks.

According to the editor’s understanding, mainstream car companies such as Ford, General Motors, and Rivian have also launched electric pickup products, such as Ford’s first electric model F-150 Lightning. Whether in terms of appearance, interior, performance or price, Tesla's Cybertruck has the potential to make an impact in the pickup truck market. For the expansion of the pickup truck market, Tesla's entry is undoubtedly an important boosting factor. Especially in China, electric pickup trucks solve policy considerations about pollution and have obvious benefits for pickup trucks entering cities. Once the Chinese market opens up, the pickup truck market will usher in new growth opportunities.

To achieve subversion in the pickup truck market, Tesla must face the huge obstacle of Ford. Ford has always occupied an absolute leadership position in the pickup truck market. Since the launch of the famous F-Series pickup truck in 1948, the Ford F-Series has been the best-selling pickup truck and the best-selling model in the United States for more than 40 consecutive years, with cumulative sales of more than 26 million units. However, if Tesla wants to subvert tradition in the field of electric pickup trucks, it cannot do without competition with Ford.

From a sales perspective, there is a considerable gap between electric pickup trucks and traditional pickup trucks. The report shows that as of the first quarter of 2023, Rivian has delivered a total of 7,946 vehicles. Cumulative sales of Ford F-Series new cars from January to March reached 170,377 units, a year-on-year increase of 21.1%.

What cannot be ignored, however, is Rivian’s growth rate. Rivian became the fastest-growing brand in the U.S. electric vehicle market in the first quarter with a production increase of 268% and a delivery increase of 548%. Tesla has the potential to grow at the same rate with the Cybertruck, directly surpassing other car companies such as Chevrolet and competing with Ford.

What is even more dangerous is that in the North American auto market, if Cybertruck succeeds in the pickup truck market, Tesla will completely break the era of fuel vehicles represented by Ford and truly surpass traditional car companies, not just sought after by the capital market. According to the latest data, from January to April this year, Tesla’s Model With sales of 127,541 units, Y has become the second-highest-selling model, second only to the Ford F-150.

Ford has already begun to defend against Tesla’s invasion. Shortly after Tesla released the Cybertruck, Ford invested in Rivian and launched the F-150 Lightning electric pickup truck. F-150 Deliveries of Lightning will begin in April 2022, and the first delivery broke the sales record of 2,295 units. However, in the long term, Ford's slow progress in electrification transformation and its failure in the Chinese market may become a factor in the growth of Ford's electric pickup truck. Big obstacle. Because consumers subconsciously still believe that Tesla is the most successful brand in electrification, and they trust Tesla's technology and services even more.

Of course, the pickup truck market is different from other models. The focus of competition for electric vehicles lies in aspects such as cruising range and intelligence, while pickup trucks pay more attention to practicality and durability. It remains to be seen whether Tesla's technological advantages can attract the interest of pickup truck enthusiasts.

Tesla’s electric pickup truck Cybertruck is expected to bring new vitality to the pickup truck market and prompt it to undergo changes. The development prospects of the Chinese market, especially the pickup truck market, will attract great attention from manufacturers such as Tesla and Ford. Competition between Tesla and Ford will produce more innovations and changes that will benefit consumers.

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