he ease with which next-generation electric vehicle companies Rivian, Lucid and Fisker raked in billions of dollars from investors in 2021–combined with Tesla blowing past a once-unthinkable market cap of $1 trillion–marked the shift to an automotive era that’s racing to kick climate-warming carbon fuels.
“This will be a watershed model release as Ford capitalizes on its entrenched position with customers on the EV front,” says Dan Ives, an equity analyst for Wedbush Securities. Along with the work-oriented Lightning, Rivian’s sporty R1T electric truck targeting outdoor enthusiasts will further expand the EV space . “Ford and Rivian coming out of the gates are the clear leaders in this EV pickup truck arms race which is a $1 trillion market over the next decade based on our estimates.
The Ford Lightning, unveiled in May 2021, starts with a base price of $39,974 and driving range of 230 miles per charge for a version aimed at commercial customers. Top-end models capable of going 300 miles per charge and more luxurious features will cost more than $90,000. Rivian, backed by Ford and Amazon, has a starting price for its R1T of $67,500, ranging to more than $100,000 for a bigger battery pack and high-end features including an inductive electric stove.
“By all accounts, the Ford F-150 Lightning should be a sales success,” says Jessica Caldwell, executive industry analyst for auto market researcher Edmunds. “It's priced significantly lower than most other EV trucks, and it's backed by the Ford name and the success of the F-Series, the best selling vehicle for decades in the U.S. That type of brand awareness may not offer the cool factor of the Cybertruck, but it can't be overlooked and doesn't come easily.
Tesla is delaying production of their triangle truck again. Not good news for Tesla.