Rivian has become the first EV maker to officially roll an electric pickup truck off the assembly line, beating out rivals Ford, GM, and even Tesla.
On Tuesday, Rivian’s cofounder and CEO tweeted a photo of the automaker’s first R1T truck slated for customers leaving the assembly line at the company’s manufacturing plant in Illinois. Rivian is the first automaker to bring an electric pickup truck to the market, surpassing rivals GM, which is expected to release its all-electric Hummer in 2022, and Ford, which plans to unveil an electric version of its F-150 sometime in the spring of 2022. Tesla, in the meantime, has been forced to delay its Cybertruck debut until late 2022.
The Rivian truck will be largely marketed to affluent customers, as it comes affixed with a steep price tag of US$73,000. The EV maker plans to begin deliveries of the R1T before the end of the month, and deliveries of its R1S SUV later this year. Rivian’s vehicles, including the R1T pickup and the R1S SUV, have already received official certification from three major agencies, including the National Highway Traffic Safety Administration, the Environmental Protection Agency, as well as the California Air Resources Board.
According to Bloomberg, Rivian has also gained regulatory approval to sell its vehicles directly to customers, which is prohibited in some US states. Rivian has a direct sales model, which allows customers to order cars online; this is especially strategic because dealer protection laws across most states prohibit such companies from opening their own stores, which would otherwise allow potential customers to test drive the cars and explore financing options.
The latest news follows Rivian’s confidential filing with the SEC to make a public debut. The EV maker, which already has backing from a number of strategic and institutional investors including Amazon and Ford, has yet to reveal the price and size of its anticipated offering.
Information for this briefing was found via Rivian and Bloomberg. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
