A new study from Geotab, a company that sells vehicle telematics systems, in cooperation with Enterprise Fleet Management, revealed that electric versions of consumer-loved pickup trucks could replace 45 per cent of gasoline-powered trucks once the vehicles come to market. And it all comes down to overall cost of ownership.
Taking into account real-world driving distances, the study found that 76 per cent of trucks – especially those used in fleets – wouldn’t need to be charged during the day if they were electric. “Fleet vehicles are often thought of as being pushed to the limits, for both utilization and workload,” read the report. “However, when examining actual vehicle usage solely based on daily range requirements, 76 per cent of the trucks could be replaced with an EV and not run out of charge during the day.” In fact, most trucks included in the study didn’t exceed 280 miles (450 km) of driving per day.
Although electric pickup trucks come with a higher price tag at the time of purchase, the study notes that the initial cost is offset by lower operating costs in both fuel savings and less maintenance. The company reportedly found a “sweet spot” of vehicles – 45 per cent – that drive short enough distances on a daily basis to avoid range anxiety that would also benefit from a lower total cost of ownership than owners driving gas-powered vehicles.
The estimates shared in this study are based on October 2021 electric pickup pricing, Geotab also notes that as more electric trucks reach production, fleet sales will likely help them achieve their maximum emissions-reduction potential.
“The total cost of ownership becomes more favourable where government incentives or rebates exist, to help offset the higher upfront cost. If fleets could access a $4,000 purchase incentive, 56 per cent of trucks could go electric and save money over seven years,” the report indicated. “A rebate of $6,500 bumps this up to 62 per cent.”