No More Brand loyalty? Most Electric Truck Buyers Reserve More Than One

Depending on what sources you use, between 1 million and 3 million people have placed an order for a Tesla Cybertruck. The numbers don’t seem to add up. There aren’t that many people looking for new EV trucks, right? Right. According to new research, truck buyers aren’t expecting to actually get those trucks. Instead, they’re placing multiple orders for electric trucks and will simply take the first truck that shows up.

Electric truck ordering books

The 2023 Tesla Cybertruck is still on backorder.
2023 Tesla Cybertruck | Tesla

The order books for new trucks are nuts. How can they not be? More than 200,000 have placed orders for the Ford F-150 Lightning electric truck, and more than 140,000 have reserved a new Chevy Silverado EV.

The new EV trucks are ready to go 400 miles on a charge, can power your house, out-accelerate Ferraris, tow 10,000 pounds and cost about $40,000. They sound like magic compared to their gas-engine counterparts.  So we’re not surprised to hear that Tesla, Ford, GMC, Chevy, Rivian, and Lordstown all have an amazing number of orders piling up for their new trucks. Rivian, for example, took 90,000 preorders.

People put down multiple orders for electric trucks

Front view of red Ford F-150 Lightning, a good alternative to a Tesla.
Ford F-150 Lightning | Ford

EV truck buyers are putting down more than one reservation, according to a new survey from Recurrent. More than in any other category, truck buyers plunk down multiple reservations. According to the survey, 89% of those who have ordered a Tesla Cybertruck also have placed orders for other trucks. Every single person that ordered a Chevy Silverado EV also has pre-ordered another EV.

But buyers cancel the orders after they get their electric truck

Rivian recently started delivering trucks, but price hikes and production delays caused havoc with ordering for many people.
Rivian R1T | Rivian

The new survey from Recurrent says that EV buyers are still facing uncertainty about when vehicles will be made or delivered. The company surveyed people who have ordered or intend to order an EV truck.

The Tesla Cybertruck is the No. 1 offender here. The Cybertruck was announced in 2019, but production is still delayed. And owners are also concerned about unexpected price hikes, like what happened when Rivian raised the price of the R1T. But Ford took reservations for its F-150 lightning and is now delivering F-150 Lightnings. Chevy seems to be on track to deliver its trucks next year. Ram is expected to start production this year on its electric truck.

What’s the takeaway from the survey?

A blue 2024 Chevy Silverado EV RST is charging.
The 2024 Chevy Silverado EV RST | Chevrolet

The big takeaway from a survey of people who have placed orders for EV trucks shows several things.

No. 1, people don’t trust that their truck will be delivered. Tesla’s failure to produce the Cybetruck, and Rivian’s delays and price hikes, have probably contributed to this.

No. 2, it seems like people don’t have any brand loyalty. Whatever truck shows up first is the truck they’ll take, whether that’s a Ford, a Chevy, or a Rivian. Maybe this will change when all of the trucks are being produced, and when Ram starts producing its new Ram EV truck.

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