Tesla Cybertruck Surges to Lead U.S. EV Pickup Market in 2024

A Barron’s opinion piece by analyst Ben Z. Rose argues that Tesla’s Cybertruck, despite early setbacks, has become the top-selling electric vehicle (EV) pickup truck in the U.S., with an estimated 39,000 units sold in 2024, according to Cox Automotive. The truck’s bold design and Tesla’s software updates have driven its rise, surpassing competitors like Ford’s F-150 Lightning

A New Player in a Competitive Field

The U.S. pickup truck market, with nearly 3 million annual sales, is a tough arena. Traditional giants Ford, General Motors, and Stellantis dominate gas-powered pickups, but EVs are carving a niche. Tesla entered this space with the Cybertruck in late 2023, following Rivian’s R1T and Ford’s F-150 Lightning, which won Motor Trend’s Truck of the Year in 2022 and 2023, respectively. The Cybertruck’s angular, stainless-steel design—described by analyst Ben Z. Rose as a “blend of Bauhaus and Blade Runner”—appeals to enthusiasts drawn to its unique aesthetic.

In 2024, the EV pickup market reached 108,000 units. Tesla’s Cybertruck secured a 36% share, delivering 39,000 units within its “Other Models” category (85,133 total units, including Model S, Model X, and Tesla Semi), per Battle Road Research. Ford’s F-150 Lightning followed with 33,510 units sold (31% share), up 39% from 2023, while Rivian’s R1T sold an estimated 12,000 units.

Overcoming Technical Hurdles

The Cybertruck faced recalls, including a physical fix for a trapped foot pedal causing unintended acceleration. However, Tesla’s over-the-air software updates addressed issues like rearview camera displays and tire pressure warnings.

“Tesla has been able to address many of its flaws through over-the-air software updates,” said Ben Z. Rose, president of Battle Road Research, in a Barron’s commentary. These updates also enlarged instrument panel fonts for better visibility of braking indicators. Rivals like Ford and Rivian have faced similar recall challenges, leveling the playing field.

Strategic Pricing and Incentives

Tesla’s 2025 introduction of a long-range rear-wheel-drive Cybertruck, priced at $70,000, qualifies for the full $7,500 Inflation Reduction Act tax credit, a first for the model. Previously, only the F-150 Lightning and Chevrolet Silverado EV met this threshold.

This move enhances affordability, with Rose noting, “If Tesla wants to gain more market share, it will need to get down the cost curve with a reasonable price for the Cybertruck.”

He predicts a sub-$50,000 model within years, following Tesla’s pattern with the Model 3 and Model Y.

Industry Dynamics and Future Outlook

General Motors, with its GMC Hummer EV, Sierra EV, and Silverado EV, is a new contender, but its 40% share of the gas-powered pickup market (Ford holds 32%) may dampen EV focus to protect profitable gas models. Tesla, unburdened by legacy sales, remains committed. First-quarter 2025 registrations show Cybertruck (7,126 units) trailing Ford’s F-150 Lightning (7,913) narrowly, per Cox Automotive.

The Cybertruck’s success hinges on cost reductions and design evolution. Rose envisions a “smaller, fleeter, and faster” successor, leveraging Tesla’s innovation. With approximately 373 miles of range for top models and growing consumer interest—evidenced by sightings in suburban Boston—the Cybertruck is poised to reshape the EV pickup landscape.