Startup Rivian is first to build an electric pickup


The startup truck maker’s first R1T pickup come off the road in a former Mitsubishi plant in Normal, Illinois on Tuesday, firm CEO RJ Scaringe introduced in a tweet.

“After months of building pre-production vehicles, this morning our first customer vehicle drove off our production line in Normal!” he tweeted Tuesday. “Can’t wait to get these into the hands of our customers!”

Rivian has additionally acquired obligatory clearances from the National Highway Traffic Safety Administration, the Environmental Protection Agency and the California Air Resources Board to begin delivering R1Ts to all 50 states. Customers can solely purchase the vehicles on-line, as there are not any showrooms but out there to see or take a look at drive the car.

The firm stated it is holding occasions across the nation the place prospects can see the automobiles in individual, and that patrons may have seven days or 1,000 miles to return the truck after it is delivered.

Although electric automobiles and SUVs proceed to develop in recognition, an EV pickup has been extra plans and guarantees than actuality to this point.

Ford (F), which together with Amazon (AMZN) has made an funding in Rivian, has plans for its personal electric pickup, the F-150 Lightning, due to go on sale subsequent yr.
Tesla (TSLA) expects to full its first Cybertruck pickup by the top of this yr, though full manufacturing will not begin till 2022.
And GM (GM)‘s electric Hummer pickup and an electric model of its two full-size pickups, the Chevrolet Silverado and GMC Sierra, are due out in 2022 or later. The solely firm saying it is shut to manufacturing of an EV pickup is one other startup, Lordstown Motors, however the firm has but to say when it is beginning manufacturing.

Rivian priced the R1T at $73,000 and stated it has already bought out the launch version of the vehicles. The firm has not stated what number of vehicles are a part of the launch version, and is now taking orders for January 2022 deliveries.

It is important that Rivian has succeeded in being first to market with its EV pickup, stated Brian Moody, government editor of AutoTrader, a unit of Cox Automotive, which is additionally an investor in Rivian.

“Electric trucks are a hot thing right now. They’re going to have the advantage of being the first,” he stated. “But as time goes on, being seen as the best will be more important.”

Traditional truck patrons may not match the profile of EV purchasers, however they are going to see some great benefits of them, Moody added, reminiscent of the flexibility to use the truck as an influence supply relatively than needing a separate generator.

“You can be in the middle of nowhere and you plug in your tools and you have a work site,” he stated.

But Rivian faces challenges attempting to compete with Ford, GM and Tesla with out showrooms the place patrons can browse for automobiles and really feel assured within the means to have them serviced.

“That’s something they’re going to have to ramp up,” Moody added.

Currently privately held, Rivian plans to launch an initial public offering in November. Unlike another electric truck start-ups, reminiscent of Lordstown and Nikola, it’s going to go public after it begins producing income.
Both Lordstown and Nikola noticed their shares initially soar, then lose a lot of their worth after short-selling firm, Hindenburg Research, put out stories questioning whether or not they may hit their promised gross sales targets.
A founder and former chairman of Nikola, Trevor Milton, is now going through federal charges for allegedly defrauding investors, and the corporate has shifted its focus to hydrogen powered semi-tractors relatively than its deliberate pickup vehicles.

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