(FORTUNE Magazine) – The sunset view of the Pacific Ocean from Santa Barbara's Bacara resort in late May couldn't compete with the spectacle of 24 Lincoln Blackwoods pulling into the parking lot at the press introduction. A creative (some would say bizarre) blend of luxury SUV and pickup truck, the Blackwood is the latest creation in Detroit's version of Jurassic Park. Despite shrunken stock market wealth, new worries about global warming, and $2-per-gallon gasoline, General Motors and Ford are introducing 2 1/2-ton trucks that cost as much as a pair of Ford Explorers and get 12 miles to the gallon in city driving. Reason: These big, bad SUVs are the hottest thing in the upscale car business. The dinosaurs live!

Ford struck first in 1997 with the Lincoln Navigator, a chrome-bedecked version of the Expedition. An immediate hit, it forced Cadillac to rush out with the Escalade, a gussied-up Chevy Tahoe. No matter, the Escalade quickly became GM's highest-profit-making vehicle. In January, Cadillac struck again with a much improved second-generation model. Standing nearly 6 1/2 feet tall, with stacked headlights and a massive grille, the 2002 Escalade (cost: $51,540) looks capable of demolishing anything in its path. It can carry a driver and up to seven passengers in super-comfortable seats. Yet the Escalade pales next to the $52,500 Blackwood, which is close to two feet longer. The extra space isn't for passengers--it seats only four--but for a "cargo trunk" with a power clamshell top. It is not much good for hay bales, but just the thing for cases of California chardonnay. As the name indicates, the Blackwood comes in one color, inside and out.

Both vehicles are powered by big V-8s that accelerate smartly and cruise comfortably while gulping gas. With tighter steering and a closer-coupled suspension, the Blackwood feels more poised than the loose and squishy Escalade, even if its length makes it a handful to park. But the Blackwood's victory may be only temporary: Cadillac will counterattack early next year with its own SUV pickup, the Escalade EXT.

--Alex Taylor III