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Electric truck sales in the United States are likely to increase exponentially by 2025 as new offerings from companies such as Tesla Inc (NASDAQ:TSLA) and Daimler AG (OTC:DDAIF) become available, according to a Wood Mackenzie report.
What Happened: U.S. truck sales are expected to cross 54,000 units by 2025 as more class 8 electric trucks come to the market like Tesla Semi and Freightliner eCascadia by Daimler, Wood Mackenzie noted, as reported by Electrek on Tuesday.
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The electric truck market is still in its early days with only 2,000 such vehicles on U.S. roads at the end of 2019, according to the report.
“Medium- and heavy-duty vehicles (MDV/HDV) are the second largest contributor to US transportation emissions, but much of the emissions reduction efforts thus far have centred on new diesel technologies and hybrids rather than pure electrification," said Kelly McCoy, the research analyst responsible for the report.
Charging the trucks is a potential issue when it comes to electric trucks but since trucks are parked for a longer duration, it can be overcome, according to McCoy.
Why It Matters: Volume production of eCascadia trucks is still yet to occur but a few have been delivered, Electrek noted.
Tesla reportedly plans to begin ramp-up production of the two prototypes it is currently using for its own operations by end of 2020 and begin delivering them in 2021.
The Elon Musk-led company plans to produce its Cybertruck pickup in 2021. If the model is not successful Musk has said he isn't averse to building a traditional pickup.
Mulitple states, including New York, California, and Florida, are investing millions of dollars to improve the EV charging infrastructure.
Photo courtesy: Tesla Inc.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.