The Cybertruck’s Death Is Actually Great News for EVs
Tesla’s massive EV is the second within the last year to get the ax, while smaller vehicles are proliferating. It could be a huge benefit for the US battery supply chain.
The demise of the Cybertruck may actually be a boon for electric vehicles (EVs). The massive vehicle, which boasts a 123 kilowatt-hour battery weighing around 1,600 pounds, has faced numerous recalls and subpar sales due to its divisive design and Elon Musk’s controversial approach. This toxic EV is emblematic of the waning era of large EVs, particularly big trucks.
Ford and other automakers have recently canceled similarly large EVs, including their own Lightning truck. The battery sizes of these canceled vehicles ranged from 98 to 131 kilowatt-hours. The shift towards smaller EVs and gas-powered vehicles with electric motors that extend range is evident, as seen in Ford's sub-$30,000 Fathom pickup and Slate’s tiny electric pickup, both expected to have smaller batteries.
Rivian’s R2 SUV, while not as compact as the Cybertruck, still has a smaller battery than its flagship R1S. The market pivot towards smaller EVs could lead to more affordable vehicles as the weight and cost of batteries decrease. Automakers are also preparing to relaunch the Lightning as an extended-range model. While big EVs like the Kia EV9 and R1S remain popular, the rest of the top 10 EV sales are mostly crossovers, sedans, or mid-sized SUVs with moderate-sized batteries.
Building smaller vehicles can help meet pent-up demand post-2028 if Democrats take the White House, further incentivizing EV incentives.
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