Tesla's Cybertruck Shocks the Market - Outpaces Rivian R1T in March Registrations
In a stunning turn of events, Tesla’s revolutionary Cybertruck has outmaneuvered Rivian’s R1T in the U.S. registration race last March. According to S&P Global Mobility data, the Cybertruck, only in its fourth month of sales, clocked a remarkable 1,158 registrations, leaving the R1T in the dust with just 548 registrations. But it's not just about the numbers; it's about the unique allure and cutting-edge technology powering this futuristic truck.
While the Cybertruck has certainly made its mark, it still has ground to cover compared to the segment leader, Ford’s F-150 Lightning, which boasted 2,893 registrations. Tom Libby, associate director of industry analysis at S&P Global Mobility, remarked to Automotive News, “In its fourth month, the Cybertruck had over a thousand registrations and outsold the R1T by more than two to one. The Cybertruck is very, very unique, and it’s interesting that it’s been able to do that type of volume so quickly.”
Launched on November 30, the Cybertruck has quickly gained traction with its polarizing and avant-garde design. Its rapid climb in the market is noteworthy, particularly when contrasted with Rivian’s R1T, which debuted in fall 2021 but saw its registrations plummet by 65 percent in March compared to the same period last year. Conversely, the Ford F-150 Lightning, which hit the market in 2022, nearly tripled its registrations year-over-year.
Adding to the intrigue, the Cybertruck had already racked up a million reservations by October, spurred by a $100 refundable deposit. However, excitement met reality when the base price rocketed to $60,990 at launch, up from the initially announced $39,900. The upscale Foundation Series of the Cybertruck now starts at a whopping $99,990.
Rivian, in a strategic move, cut the base price of the R1T in February to $71,700, but the financial chess game didn't end there. The Ford Lightning starts at $57,090, offering a more budget-friendly entry into the electric truck world. Not to be outdone, Chevrolet’s Silverado EV, which logged 319 registrations in March, starts at $74,900, and GMC’s Hummer EV – still esoteric and niche – starts at $98,845 but managed just 192 registrations.
As the first quarter drew to a close, Ford's Lightning emerged as the registration titan with 8,589 trucks recorded, reflecting a 51 percent surge from last year. The Cybertruck, with its late arrival, still posted an impressive 1,791 registrations. Rivian’s R1T, however, stumbled with 1,786 registrations, marking a significant 56 percent decline. The Silverado and Hummer EV, while still in more modest quarters, posted 803 and 400 registrations, respectively.
This electric truck saga is far from over. As manufacturers continue to innovate and compete, consumers benefit from an ever-expanding array of high-tech, environmentally-friendly vehicles. The Cybertruck's early success sets the stage for a thrilling few years ahead in the electric pickup market. Stay tuned as we keep you updated on the latest developments.