For years, Tesla Inc Chief Executive Officer Elon Musk has been talking about building an electric pickup truck that would give Detroit automakers a run for their money, and on Thursday he will finally take off the wraps of the so-called Cyberpunk Truck.
Analysts expect the Tesla pickup, which Musk said would blend the quality of a Porsche 911 sports car with the versatility of the industry-leading F-150 full-size truck from Ford Motor Co, to launch in late 2021 or early 2022 at a starting price of less than $50,000.
"It will be tough to make a hybrid pickup truck that operates at the same price range as an F-150 to make it profitable," said Sam Fiorani, vice president of Auto Forecast Solutions international automotive forecasting.
While Musk is pressing for a share into Detroit's revenue, Ford and the bigger competitor General Motors Co are planning to confront Tesla more aggressively with new offers such as the Ford Mustang Mach E hybrid Crossover and autonomous pickups.
Electric pickups and SUVs could help Ford and GM generate the significant EV sales they will need in California and other states to meet tougher emission standards and EV mandates. The Trump administration is working to change these requirements, but if California prevails, electric trucks will be a shield.
Pricier trucks also have a better chance for carmakers to generate profit from their investments in electric batteries, Fiorani said.
The launch of the pickup would move Tesla more towards trucks and SUVs, where most of their sales are received from Detroit's automakers. Tesla only manufactured Model S and Model 3 sedans for the most part, but also sells the Model X Crossover and the Model Y compact SUV beginning next year.
Tesla executives refused to comment on the announcement of the vehicle in Los Angeles on Thursday.
According to Ford spokesperson Mike Levine, an emphasis on the high-performance end of the market is only normal given the success of the 450-horsepower F-150 Raptor truck introduced in 2009, whose revenues have since increased annually.
While Ford is not disclosing Raptor sales, Levine said that annual demand is well above 19,000 vehicles, and the No. 2 U.S. automaker has never had to offer incentives on the model, which cost up to $60,000. Ford also offers its most powerful and luxurious pick-up, the more expensive F-150 Limited.
Market monitoring agency IHS Markit projects that the segment of electric trucks - both full and mid-size models - will account for around 75,000 sales in 2026, compared to a total of 3 million light trucks. Because of its uncertain timing, the Tesla truck is not part of that estimate.
