Last Year Witnessed a 70% Soar in Demand for Electric Truck Batteries; doubtful future lie ahead
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💰 Electric trucks ain't all they're cracked up to be. They're pricier, less practical, and not as eco-friendly as many believe. But hey, there's a market for 'em, and it expanded mightily in 2024. The International Energy Agency revealed that electric truck battery demand exploded by more than 70% compared to 2023. Here's what influenced that spike.
📉 Sales Figures: Last year, we saw the demand for electric truck batteries rocket from 14 gigawatt-hours in 2023 to 24 gigawatt-hours in 2024. Top EV pickups like the Ford F-150 Lightning played a significant role. The resurrection of the Blue Oval's pickup saw a leap from 24,165 units sold in 2023 to 33,510 in 2024—that's a cool 39% increase.
🌍 New Players: It's not just the Blue Oval making waves. Other contenders, such as the Tesla Cybertruck, entered the fray. Approximately 39,000 Cybertrucks were registered in its debut year alone.
🔋 Battery Capacity: Keep in mind, not all electric trucks are created equal. A Tesla Cybertruck can boast a 123-kilowatt-hour battery pack, while the Chevy Silverado EV can come with a whopping 200-kWh pack. It takes fewer silverados to match the battery demand of a park full of Cybertrucks!
🚀 2025 Outlook: The world of electric trucks had a hot 2024, but sales are sliding in 2025. The Cybertruck is looking at around 30,000 sales this year, and it's unlikely the F-150 Lightning will surpass its 2024 numbers. The Silverado EV and its GMC Sierra EV sibling are making progress, but not enough to offset the losses of other models.
🚙 Keep an Eye on Other EV Categories: Growth in the electric truck sector wasn't the only exciting news in 2024. There was also a significant surge in demand for light-duty EV batteries, a jump from 713 gigawatt-hours in 2023 to 884 gigawatt-hours in 2024, representing a 24% increase. Remember, electric trucks are just a small slice of the EV pie, and that seems likely to remain true in 2025.
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