Electric truck costs will remain high forever, forecasts Daimler Truck

Daimler Truck sees the electric trucks' costs staying high forever. Daimler truck CEO Martin Daum has said in an interview with Financial Times that the electric truck costs would be higher forever than the internal combustion engine-powered ones. He said the electric trucks' high costs are attributed to the cost of extra materials used in battery-powered vehicles. “Without any subsidies, the price of an electric will always, forever be higher than a combustion engine truck," Daum said.

The ongoing war between Russia and Ukraine would impact the pricing of the electric trucks further, Daum further hinted. The war has caused severe disruption in the supply chain of key raw materials and crucial components. This has caused rising costs of raw materials and production, eventually impacting the price of vehicles. Electric vehicles too are no different.

Daimler Truck CEO's comment comes at a time when the global automotive industry is focusing on shifting to electric powertrain technology from internal combustion engines. Daimler being one of the key premium truck manufacturers is also a part of that trend. Volvo too has been avidly working on the technology. Despite several companies working on electric trucks, the adoption of electric trucks is significantly lower as compared to electric cars or EVs in other segments. This is because of their substantially higher pricing compared to internal combustion engine-powered counterparts.

Another recent trend is that vehicle manufacturers are increasingly focusing on building electric pickup trucks. While EV makers such as Rivian, Tesla have already entered into the space, legacy automakers like General Motors, Ford too have introduced their respective products into this segment. Toyota and Nissan too are mulling the plan to enter this space.