Since its debut in the U.S. market in November 2023, the Tesla Cybertruck has rapidly become a top-selling all-electric vehicle. According to data from S&P Global Mobility, the Cybertruck ranked as the fifth most registered EV in May 2024, with 3,907 units, placing Tesla with three models in the top five EVs alongside the Model Y and Model 3.
Rising Competition in the EV Pickup Segment
The all-electric pickup market is poised for intense competition in 2024, with several new models expected to enter the fray. Despite the increasing competition, the Cybertruck has already established itself as a significant player in the segment, outselling its nearest rivals by a considerable margin.
In May 2024, the Ford F-150 Lightning had 2,353 new registrations, followed by the Rivian R1T with 1,237 units. General Motors also saw registrations with the Chevrolet Silverado EV at 668 units and the GMC Hummer EV Pickup at 359 units. Altogether, the top five EV pickups accounted for 8,524 registrations, with the Cybertruck alone making up over 45% of this total.
Leading the Charge
The Ford F-150 Lightning has maintained its lead in the year-to-date rankings for EV pickups, with 13,443 units registered through May. However, the Cybertruck is quickly closing the gap, with 7,879 units registered in the same period. The Rivian R1T follows with 3,881 registrations.
Future Outlook
The Cybertruck’s momentum seems to show no signs of slowing down. With a substantial order backlog and the anticipation of new versions beyond the initial Foundation Series, Tesla’s pickup is expected to continue its growth trajectory. Monthly registrations are projected to remain in the thousands, positioning the Cybertruck to potentially become the best-selling EV pickup in 2024 and one of the top-selling EVs overall.
