Stop Putting Deposits Down on Non-Existent Electric Pickup Trucks
If you look into buying a brand-new electric pickup truck, you’ll be met with several options available from various companies. However, they all have one thing in common; none of their pickup trucks have ever made it to production. Despite this, almost all of these EV companies will allow buyers to put down deposits of up to $1,000 on non-existent trucks.
Today we will be looking at trucks from Tesla, GMC, and Rivian, to name a few. Keep in mind; these aren’t all of the trucks available to reserve. These are just some of the most popular. So, before you go put a deposit down on any, you may want to read on.
How expensive are these pickup trucks?
It is very tempting to put down a $100 or $1,000 deposit on what on paper at least looks like the future. However, none of these pickup trucks are particularly cheap.
Let’s start at the low end with the striking Tesla Cybertruck and its $39,900 price tag. Tesla’s entry into the electric pickup truck segment starts at over $10,000 above the base price of a Ford F-150. Move up a couple of trims, and the top-level Cybertruck will cost just shy of $70,000.
Tesla began collecting $100 deposits for the truck at the end of 2019 and has received over 650,000 since then, according to Electrek. A quick bit of math reveals a minimum of $65 million collected by Tesla for a product that doesn’t yet exist.
If the Cybertruck is too ugly, then perhaps the Rivian R1T is more your speed. Rivian’s interpretation of the electric pickup truck starts at $69,000. Like the Tesla, the Rivian has its sights set on a wealthy portion of the pickup truck market. To reserve an R1T, you’ll have to cough up $1,000. According to InsideEVs, Rivian has taken over 30,000 deposits so far, giving the company a cash influx of about $30 million.
GMC recently dipped its toes into the electric truck game with the Hummer EV. Like the others, GMC is taking $100 deposits for the Hummer EV. Unlike the other trucks, however, GM. has capped reservations per projected production year, meaning they are only taking in deposits based on how many trucks they project to produce. Unlike the Tesla and the Rivian, however, the Hummer EV is a six-figure truck with the cheapest variant arriving sometime in 2024.
Are these crazy performance stats real?
The honest answer is, maybe. The problem with financially backing a first-generation electric pickup truck like the GMC or the Rivian is that there is no previous reputation for performance. The shining star here is Tesla since the American EV company has delivered wicked performance from even its cheapest models.
Tesla claims its Cybertruck can reach 60 mph in less than three seconds, tow over 14,000 pounds and offer a maximum range of over 500 miles. On the other hand, Rivian claims its R1T reaches 60 mph in three seconds, tows over 11,000 pounds, and has a max range of over 400 miles. Lastly, GMC claims the Hummer will reach 60 mph in three seconds and offer up to 350 miles of electric range with 1,000 hp.
It is important to note that all of these stats are estimates. We should see confirmed performance stats closer to customer deliveries. Unfortunately, there is a genuine possibility that after putting your money down, waiting several years, the result may not live up to its hype.
When will I get my truck?
Putting a deposit down on an idea brings its own set of challenges, mainly the lack of a solid release date and confirmed performance stats. Most of these manufacturers have never made electric vehicles before these pickup trucks and, as a result, lack the infrastructure to produce them.
Look at the Rivian R1T, for example. Due to COVID-19, the release date for the truck was pushed back by over six months, according to Green Car Reports. At least Rivian has a factory secured to produce its pickup trucks. On the other hand, Tesla is currently constructing its Gigafactory to bring the Cybertruck into production eventually. As a result, there is no solid release date for the Cybertruck, just varying estimates.
The GMC offers the most promising timeline of these three pickup trucks, directly backed by one of the world’s largest automakers. The limitation in deposits also demonstrates that the automaker has likely thought-out its production schedule.
To answer the original question, all of these trucks should arrive sometime in 2021, if we’re lucky. It will be interesting to see how they change as they leave the drawing board and hit dealership floors.