MotorTrend CEO Highlights Pricing Challenges for Tesla’s Highly Anticipated Cybertruck Amid Growing EV Interest
According to the CEO of MotorTrend, Tesla may face challenges in keeping the price of its highly anticipated Cybertruck at $75,000. The statement comes as new data from MotorTrend reveals a surge of interest in electric vehicles (EVs) among car shoppers. Furthermore, one particular EV pickup truck has gained significant attention, making it a polarizing choice.
The motor magazine, TV network, and car-shopping site conducted research showing that 78% of active car shoppers have a strong interest in EVs. Additionally, almost half of the respondents stated their intention to purchase an electric or hybrid vehicle within the next five years.
Alex Wellen, the president and CEO of the MotorTrend group, highlighted the growing inevitability of EVs among consumers. Questions regarding range anxiety, charging infrastructure, and affordability persist, but the desire to own an EV remains strong.
Although federal tax credits for EVs and the introduction of new models are driving the demand for EVs, pricing poses a significant concern. On average, the cost of EVs has reached $55,000, making it a potential barrier for many consumers.
Analyzing the data further, MotorTrend’s Buyer’s guide revealed the most popular EV models. The Tesla Model 3 topped the list, followed by the Ford Mustang Mach-E, Chevy Bolt EV, Tesla Model Y, and Lucid Air. Surprisingly, the most searched EV and overall vehicle brand on MotorTrend.com in the past year was Rivian, surpassing Tesla by 22% and Lucid by 67%.
Rivian’s R1T pickup truck, which won MotorTrend’s 2022 Truck of the Year award, has attracted significant interest despite its limited sales volume, long waitlist, and high price. Features like four electric motors, 900 horsepower, and all-terrain capabilities have intrigued potential EV buyers.
Another highly anticipated electric pickup truck is the Tesla Cybertruck, set for production later this year. While MotorTrend users have shown interest in the Cybertruck, concerns remain. The CEO of MotorTrend acknowledges the Cybertruck’s polarizing design and the potential lack of demand. However, he believes that CEO Elon Musk’s track record of surprising doubters suggests the Cybertruck could be as capable as the Rivian R1T.
Price is a crucial factor in the success of the Cybertruck, especially in a competitive market with offerings like the Ford F-150 Lightning, Chevrolet Silverado EV, and Ram 1500 REV EV. Although Musk initially promised a $39,000 price tag, the CEO of MotorTrend speculates that reaching that figure may take time. With the inclusion of three or four motors, maintaining a price of $75,000 for the Cybertruck would be considered fortunate.
Considering the Rivian R1T’s starting price in the same range, the market landscape will be intriguing if Tesla can deliver the Cybertruck with a tri-motor setup at $75,000.
As the Cybertruck becomes available for sale, it is expected to generate significant interest on the MotorTrend.com website, attracting both fans and critics alike. The EV market continues to evolve, and staying informed about the latest trends is essential for both car shoppers and enthusiasts.