Lucid Motors, a luxury EV maker, is intentionally steering clear of the electric pickup truck market, with CEO Peter Rawlinson stating, “I believe that the only viable solution for an affordable, usable pickup truck today is internal combustion.” Rawlinson argues that the miles per kilowatt hour are too low for electric trucks with large payloads, resulting in prohibitively high battery costs. This perspective challenges the growing push for electric pickups from companies like Rivian, Chevy, Ford, and Tesla, suggesting that the financial and practical hurdles are still too significant for EVs to overcome in this segment.
Rawlinson’s skepticism extends to the broader viability of EVs in current market conditions. Lucid continues to operate at a loss and recently announced layoffs. Even with substantial financial backing from Saudi Arabia’s sovereign wealth fund, the high costs of EV production and the reliance on critical minerals primarily sourced from China raise questions about the long-term sustainability and affordability of electric vehicles. This skepticism is echoed in the industry, where the push for electrification is met with significant economic and logistical challenges, casting doubt on the readiness of EVs to replace traditional internal combustion vehicles across all market segments.
