A recent Cox Automotive Consumer Snapshot study hints at a new breed of full-size electric pickup trucks entering the market and helping electric vehicles take a larger portion of new vehicle sales each month.
EVs currently have a very small portion of those monthly sales, but Cox Automotive’s study indicates that nearly two in five consumers in the market for a pickup truck in the next two years are eyeing an electric pickup truck.
“Research shows that younger consumers are more likely to consider an electric pickup truck with 44% of 18-34-year-olds indicating that they are interested in both internal combustion engine (ICE) and EV options,” said the company in its report.
Its data shows that new EV pickup trucks are leading more consumers to consider an EV product, according to Vanessa Ton, Senior Manager at Cox Automotive.
“Where our consideration groups diverge is how they view horsepower and technology,” said Ton. “ICE buyers prioritize horsepower; shoppers interested in EVs care more about technology.
Seventy-seven per cent of ICE shoppers view horsepower as important, compared to only 58% of electric pickup truck shoppers. And while 77% of electric pickup shoppers consider technology to be important (a vehicle being technologically advanced), only 56% of ICE shoppers felt this was important when looking for a vehicle.
Both types of buyers also care about price (93% EV pickup consideration versus 85% ICE pickup consideration), driving performance (92% vs. 83%), interior design (82% vs. 73%), and the size of the vehicle (80% for both).
On brands, the Ford F-150 electric has the highest consideration likelihood, once its branding and product attributes are made available. Tesla comes in second, with 48% of shoppers eyeing the Cybertruck as an option — specifically among young and female shoppers.
“Tesla Cybertruck and Rivian R1T scored well with younger buyers, and Rivian performed well among female buyers as well,” said Ton, adding that “The strength of the Tesla brand helps drive consideration.”
To view the complete study, click here.
