Only about 20 percent of current reservation holders for the 2024 Chevy Silverado EV intend to actually purchase the vehicle once it goes on sale, according to a recent study conducted by market research firm Recurrent Auto.
Recurrent recently surveyed roughly 200 EV shoppers, asking them which EVs they have pre-ordered, and which ones they intend to actually buy. The study found the 2024 Chevy Silverado EV had the highest percentage of so-called “phantom orders,” in which the reservation holder does not intend to purchase the vehicle. Whereas 100 percent of Tesla Model Y reservation holders plan to purchase the vehicle, this figure falls to just 20 percent for the Silverado EV. It’s worth noting this study seems to be focused on retail consumers and not fleet buyers.
This statistic may seem like bad news for GM, but there are a number of reasons why Silverado EV reservation holders ay be apprehensive to commit to the purchase at this time. For starters, many reservation holders will not receive their vehicles until 2024, which some consumers may feel is “too far away to commit to,” according to Recurrent. Others may be worried the price will be much higher than GM’s originally quoted MSRP. This happened with Rivian R1T reservation holders earlier this year, and GM has indeed been raising prices on many of its 2023MY vehicles in response to challenging market conditions.
Rivian R1T
Recurrent says many automakers have an incentive to make the pre-order process as simple as possible and to ensure the pre-order fee is fully refundable, as this can make it seem as though demand for the vehicle is very high.
“With all the buzz around electric vehicles, manufacturers may be incentivized to make reservations easy for shoppers in order to pump up their numbers, even if these reservations don’t all turn into sales,” Recurrent said.
Reservation holders for electric trucks are somewhat unique in that they are more likely to place a reservation for multiple models and see what sticks. Recurrent found that roughly 89 percent of Tesla Cybertruck reservation holders also have another EV truck pre-order. This figure climbs to a surprising one hundred percent for Ford F-150 Lightning and Chevy Silverado EV reservation holders, as well. These buyers may purchase the truck that gets the best feedback from media and fellow owners, is the least expensive, or becomes available for them to purchase first.
The 2024 Silverado EV in the base WT trim level will arrive in the spring of 2023, while the fully-loaded RST First Edition will launch next fall. The Silverado EV WT will start at $41,595 including destination and freight charges (DFC), while the fully-loaded RST First Edition will start at $106,695 with DFC.
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Comments
It’s a trashy truck what do you expect.
The M&M’s, Mary and Mark, have always been delusional about EV’s.
Lololololololololololololololololol.
The virtue signaling speculators are finally showing their true colors.
Fortunately the fad & free money economy is coming to an end.
The first SilveradE truck will also be over $100K so that doesn’t help. Doubt we’ll see 300+ mile range EV trucks for less than $50K without dealer mark-up before 2025.
An issue which was the reason I canceled my F150 Lightning reservation, however GM has said the WT Silverado will be available with the first production models. We shall see
They have said repeatedly that the cheaper WT will be the first off the line. The RST is supposed to come several months later.
But the first WT’s will be for Fleet Sales only.
Take your electric crap and shove it trying to side with the idiots in the White House .stupid green new deal I’ll never give in to these idiots
go suck on an exhaust pipe.
Continous interest rate increases and vehicles’ base price increases will impact for sure the sales / demand. Are perhaps already impacting consumers who are going to drop their orders but not yet enough to have an impact for GM as production do not meets the demand at the moment.
That study is soooooo comical.
Another FUD Story about BEV’s what a shocker HaHa
Sure the Customers do not actually want them that is why some Customers are paying $69,000 over sticker at some Ford Dealerships because they are not wanted and highly coveted. Ford literally cannot make enough F-150 Lighning Trucks.
How idiotic….Wow
Your response is comical shill.
ford got the jump on gm’s purpose built ev truck by doing an EV conversion on a regular f-150!!! now that is funny.
Lolol spoken like a true EV cultist.
Fortunately those fools that pay $70,000 over MSRP will get their due justice very soon with bankruptcy, ruined credit & reposession.
Come on higher interest rates.
@Evan
I am a realist and DO NOT fall for FUD backed media studies.
I look at proof and the proof is Ford cannot make them fast enough and Tesla has a year waiting list on their vehicles. But yeah I am a Cultist Lol
so why are they begging congress to extend tax incentives?
Year long waiting list……
Sure. Let’s see how many of these orders actually get fulfilled.
Time for a big beautiful 2008 style recession. See what happened to the Crypto cultists? Next up is EV’s.
No big deal. At the rate EV sales are growing 20% today means 30% in 6 months. And another 30% upgrading to the GMC Sierra EV. Also since Ford is only planning to make something like 7 F150 lightnings this year, There will probably be a whole wave of customers coming over from Ford too.
20% of a small number is still a small number.
the survey size is not 20,000 not 2,000 but 200. it is hard to draw any concrete conclusions from that.
In addition to a small survey size, this survey may be pulling information from individuals who have registered on their site. I’d question how accurate this information is.
I’d be more interested in a survey of all individuals who have reservations on an EV. See if they have multiple reservations. What is their first choice and why. Ultimately those numbers will be available when we start seeing sales figures for all the different EVs. Additionally, it could be decades before such information is available due to production limitations that might be long term.
What an ugly truck
Wait I don’t think it is a truck
Silverado EV? I see an Avalanche EV but no Silverado.
That’s why I like it! Where did my Escalade EXT go? It’s ELECTRIC! Boogie Oogie Oogie!
The Escalade EXT is coming, they just haven’t announced it yet.
Looks like an Avalanche, get back to me when it looks like an actual truck, GM is trying to do to the Silverado what they did to the Blazer.
I’m a GM fan and have 5 Chevrolets right not, but this Front end is beyond terrible, what is GM thinking, why keep trying to reinvent the wheel. Everything else looks good. Why not just make a normal looking truck. Why are they always trying to make their vehicles look like some squinty eyed Japanese transformer crap? I just want a normal looking truck. Everyone in their styling team needs to fired yesterday! Ford is doing it right, Just make it look like a normal truck!
I think I’ll wait for the New 2025 AP Horse & Buggy with the Optional Surry on top and standard shovel and bucket.
So here’s the gig…. You own 30K in GM stock, you put in a 200$ preorder, all those preorders make it look like customers are interested. Stock goes up, you earn 2000$ from your phony investment. This preorder stuff is a game. It’s fake and mostly a lie.
I ordered/reserved the RST a couple months ago and I plan to buy. I think this story is false! There is way more excitement for EVs now more than ever.
I can confirm that I have no interest in purchasing an EV truck. I will say though, the Silverado is much better looking than the others.
This unfortunately will be problematic for GM. Like suspect, fudged and inflated Twitter accounts that is spooking Musk from buying Twitter. You can rig demand and interest in our digital age and it will backfire. Just like the last 2020 national election and now our country is in shambles. Me thinks that Tesla’s pickup reservation count is suspect too.
Question:
Is it possible to sell a reservation? Because if you can I see speculators trying to make a buck who aren’t actually going to buy the Silverado EV.
Of course this is naturally a risk and they could get burned hard.
Once the Republicans take over and get us back on course and revive our energy industry, “demand” for EV’s” will only be from fanboys.
the oil companies are raising the price of gasoline not to sell EVs but to drive biden and the libs out of power after they said they were going to drive fossil fuel companies out of business. biden tried to blame the price increase on the oil companies but the voters are not buying it. notice GM is dividing GM up into 2 divisions so if EVs don’t catch on the whole company will not go belly up.
I don’t blame them !! After all these production issues GM has I would run from this vehicle !!
Corvette money for a truck. People have lost their minds
“surveyed nearly 200”
How many did they actually survey… and there are ten EVs shown…
You are gonna have to get a hell of a lot more data points aside from “both Tesla model Y folks wanted to buy one”
I have a few things I would like to know ,with our so called GOV pushing AV sh1t down our throats , with gas being so high where does this leave NASCAR and all other race car events, are they all going EV also or are they all going null and void…
That would be a real shame if we no longer were able to watch cars drive around in circles anymore.
the libs don’t believe you are smart enough to make decisions on your own so they have to help you. very few libs at NASCAR races.
Do whatever you want to whatever truck you want,but leave our Silverado alone .Next thing you are gonna see is some twit wanting to go ev on our beloved Corvette ,but wait, let’s go ev on our comaro to. .Nope..can`t see it.