The dream of a sub-$40,000 new electric full-size pickup truck is dead. On the heels of Ford F-150 Lightning price increases, Chevrolet confirmed that it has killed its promised entry level Silverado EV model pricing, which was set to be below the benchmark.
GMC's forthcoming Sierra EV is expected to be priced higher and the Rivian R1T's manufacturer suggested retail price (MSRP) starts firmly in luxury model territory. Ram has not announced pricing for the 1500 Rev battery-electric truck it plans to bring to market in the coming months.
All indications are that with raw materials and labor price increases, and inflation, prices for electric pickups will stay high for the near future, causing those models to cost considerably more than their gasoline- and diesel-powered counterparts.
The Ford F-150 Lightning, the first mass-produced electric pickup truck, went on sale in 2022. Its base Lightning Pro model cost $39,974 at that time. Ford has since raised the price four times, with the Lightning Pro now running $59,974 plus destination and delivery fees.
Ford has said on multiple occasions that, "current material costs, market factors, and supply chain constraints," are responsible for the price increases, something the rest of the industry is also dealing with.
Despite the raises, that still may be the least expensive price the public will see on a full-size electric pickup truck for quite some time, if ever.
When Chevrolet announced the Silverado EV in January 2022, it promised a basic Work Truck (equivalent to the Lightning Pro) for less than $40,000. When the Detroit-based automaker released its official pricing in June, 17 months later, the Silverado EV Work Truck (for fleets only) was listed at $79,800.
There will be less expensive versions coming later, Chevy says, but not before the $106,895 Silverado EV RST First Edition, coming this fall as the first version of the truck produced for customers. The company made no promises on hitting certain price points.
"These prices just reflect the fact that electric vehicles are already more expensive, and that batteries are a part of it. They're just more expensive to build, but obviously the hope is that the cost will come down as time goes on," Stephanie Brinley, associate director of research and analysis at S&P Global Mobility told Newsweek.
Chevy's pricing announcement surprised industry experts, despite Ford's recent moves. "When you look at those top trims, they're already expensive, but yes, I'm surprised the basic work truck versions are as costly as they are," Brinley said.
Pickup truck buyers are used to paying more for their vehicles than the typical sedan or SUV customer would. The average transaction price of a full-size pickup last year was about $59,000, putting it about $11,000 more costly than the overall average price of a new car ($48,000).
"The EV truck market is still in its early stages, so the high prices are not surprising. Also, manufacturers are favoring a richer build mix at launch which will push average prices up as well. Once supply becomes more plentiful, and predictable, we will get a clearer picture of what a typical consumer is willing to pay for these types of vehicles, and manufacturers will be able to adjust content and pricing appropriately," Tony Salerno, vice president of J.D. Power told Newsweek.
How much are buyers willing to pay for a new electric truck? Brinley shared that figure is still to be determined.
"I'm not sure if it's too much for the market, because right now it's just today's price. It's a new space, and we need to remind ourselves this is a transformation. Part of that cost comes with things they couldn't do with an internal combustion engine-powered truck, charging, Chevrolet's mid-gate storage, Ford's Pro Power Onboard, these could mitigate some of the costs of doing business," she said. "We haven't found an answer to how much pickup buyers will pay."
New rules created as part of the Inflation Reduction Act may help customers better afford electric vehicles. New model lessees can qualify for up to $7,500 in tax credits when they sign for their vehicle. Rules surrounding how much credit a buyer can get when purchasing a new electric truck outright vary according to a number of factors.
Ford and Chevrolet did not respond to requests for comment for this story by Newsweek.
