What was supposed to be a defining moment for American roads has instead become a cautionary tale. The big electric truck bet—a multibillion-dollar wager that the country’s favorite pickups could go electric without losing their appeal—has unraveled, leaving canceled models, falling sales, and staggering financial losses in its wake.
A Market That Never Materialized
Full-size electric pickups were pitched as the logical next step: take the Ford F-150, Chevrolet Silverado, GMC Sierra, and Ram 1500—long the best-selling vehicles in the United States—and swap the gas tank for a battery. Automakers envisioned a seamless transition, but buyers did not follow.
Through September, the six electric pickups tracked by Cox Automotive sold roughly 32,500 units, a 53% drop from the same period a year earlier. The decline is not a blip; it is a clear signal that the early enthusiasm has faded.
Billions Lost and Models Shelved
The financial toll has been severe. Since 2025, General Motors has recorded nearly $11 billion in write-downs as it slowed its electric vehicle production plans. Ford discontinued its electric pickup and took a $19.5 billion charge. Stellantis, meanwhile, never brought the Ram 1500 REV to market but still absorbed $26 billion in write-downs.
On Friday, the retreat reached its most visible symbol: Tesla announced it will discontinue the Cybertruck. The move marks the end of an era for the high-profile entry that once seemed to herald a new chapter for electric trucks.
Why the Trucks Stumbled
The obstacles were both practical and psychological. Pickup buyers demand towing capability, payload capacity, range, and easy charging—and electrifying a large truck forces trade-offs that many were unwilling to accept.
“Pickup buyers have high expectations, and electrifying a large truck involves real trade-offs,” said Stephanie Valdez Streaty, director of industry insights at Cox Automotive. Large batteries are expensive, she noted, and towing can sharply reduce driving range.
Price was another barrier. Robby DeGraf, manager of product and consumer insights at AutoPacific, pointed out that full-size electric pickups were “pretty dang expensive.” The GMC Sierra EV, for instance, starts around $65,000—well above comparable gas-powered models.
A New, Smaller Wager
With the full-size experiment in retreat, automakers are pivoting to a different idea: smaller, cheaper electric trucks that do not try to replace heavy-duty workhorses.
Ford’s answer is the Fathom, a midsize truck built on a new universal EV platform. The company says it will be simpler to build than the F-150 Lightning and will start under $29,000. Production is scheduled for next fall, though Ford has not yet released trim levels or range figures.
Slate Auto is pushing affordability even further. Its two-seat Blank Slate pickup, expected to begin production this month, starts at $24,950—a bare-bones offering aimed at budget-conscious buyers.
Whether this approach will succeed is uncertain. Seth Goldstein, a senior equity analyst at Morningstar, suggested that a smaller electric truck could work if it offers at least 300 miles of range. But he cautioned that building such a vehicle is harder than an SUV or sedan, which require less power.
What Comes Next
The shift to smaller models reflects a hard-learned lesson: enthusiasm for electrification does not automatically override the practical demands of truck owners. The coming months will show whether a lower price and a smaller footprint can revive a segment that once promised so much—or whether the electric truck market will remain a shadow of its original ambitions.
