In a world growing increasingly electric, Ford Motor Co.’s (NYSE:F) F-150 Lightning is taking the spotlight, eclipsing the much-anticipated Cybertruck by Tesla Inc. (NASDAQ:TSLA), according to a recent study by Cox Automotive.
Key Findings:
- F-150 Lightning’s Popularity: Ford’s electric pickup led the charts in all assessed areas: from driving range and performance to appearance and technological innovation. Vanessa Ton from Cox Automotive emphasizes this by pointing out Ford’s longstanding success in the truck industry, suggesting, “Ford’s full-size pickup has long been the best-selling, best-example of the genre, so perhaps it is no surprise that the F-150 Lightning arrives with a leg up on the competition.”
- Tesla’s Cybertruck Pre-orders: Despite a reported 1.9 million pre-orders, the actual success of Tesla’s Cybertruck remains to be seen post-launch. The study cautions that these numbers, still unverified by Tesla, might not be an exact representation of genuine and lasting consumer interest.
- Brand Strength Matters: One of the study’s focal points was the pivotal role of brand strength in the full-size pickup sector. It was observed that shoppers of electric trucks have similar inclinations as those of ICE (Internal Combustion Engine) vehicles. The conclusion? Potential buyers are more inclined towards well-known brands, as “shoppers are more likely to consider full-size EV trucks from brands they know or currently own.”
Other Contenders: The study wasn’t solely a Ford vs. Tesla showdown. It also evaluated other electric pickup offerings from Chevy, General Motors Co (NYSE:GM) with their Hummer, Ram Truck, and Rivian Automotive Inc. (NASDAQ:RIVN).
Historical Context: For a comprehensive understanding, it’s essential to note that this is the third round of research on the subject by Cox Automotive, following iterations in late 2020 and spring 2022.
Market Reactions: Earlier in July, Ford’s decision to slash the F-150 Lightning’s price by up to $9,979 led to a dip in their stock price. Analysts at the time interpreted this as a possible concern over the looming Tesla Cybertruck launch. Interestingly, during this period, Tesla announced the production of its first Cybertruck, hinting at imminent deliveries.
The Bigger Picture: The revelations from Cox Automotive’s study underline a shift in the perception of the EV pickup sector. While the F-150 Lightning has established its primacy, the market’s real dynamics will become clearer as more products, including Tesla’s Cybertruck, hit the roads.
