Tesla shares dropped as the competition with its rival Rivian heats up. Rivian is a startup electric company located in Michigan, United States that was found in 2009 and made its first prototype showcase in 2018 that captured the attention of potential customers. As the competition in the electric vehicle market tightens, Rivian has been making rounds thanks to large investments by Amazon.com Inc and Ford Motors co, $700 million and $500 million respectively.
Rivian R1T Truck came with an initial price of $69,000 will be lowered than expected. But, the customers who pre-ordered this electric pickup truck isn’t complaining at all. This pickup truck offers three different battery types to choose from. A low-end battery will set you back for $61,500 while a mid-end battery will cost you around $69,000 and the price of high-end battery is yet to be known.
The first batch of R1T Truck is scheduled for delivery in late 2020. Following the next year, R1S SUV will go into production and deliver to the customers sometimes in 2021. As the startup electric company starts the production of the long-awaited R1T truck and R1S SUV. Both R1S and R1T are still available for pre-order via the official company website portal.
Tesla have been working on all-new Cybertruck that features bizarre appearance that caused some people to doubt about its ability to compete with designs that we are familiar with. However, it will have a starting base price at $39,900 with a maximum driving range up to 250 miles. But, you can add more modules to Cybertruck to maximize its performance and capabilities which will set you back to $69,900. There is even a growing demand for a cybertruck version of roadster.
While the Cybertruck isn’t set to hit road until late 2021 and the deluxe version won’t be available until 2022. Rivian’s CEO and Founder, Scaringe told Reuters on Saturday that the company has so many pre-orders that the customers are not going to get their electric vehicles fast as they would like. Mainly because the queue is so long.
General Motors said on Monday that it invested $2.2 billion dollars in its assembly plant located in Detroit, which will start building its own electric pickup truck line. The assembly plant is due for a retrofit next month and will start producing electric pickup trucks later next year.
Furthermore, the same company said it will invest $7.7 billion in its factories across the United States in the following 4 years. This move appears to signal that General Motors is reshaping its strategy and position itself as a competitor once again.
Tesla Shares dropped as much as 3.6% on Monday morning but recovered slightly with a price per share of $564.43. Amid the recent news of brief Tesla stock decline, Rivian is shaping to become a potential electric vehicle competitor. It will be interesting to see which automaker is a better brand for the customers.
Although, the projected Tesla shares seems to be aiming upwards due to the company’s recent legal victory that gave them the right to sell and service their own vehicles in Michigan. Which is also where Rivian is based at, potentially setting up for a contest.
What do you think of Rivian new electric vehicles and are you excited about it? Do you have anything that you are concerned about Rivian’s growth potential and what they can do to become a solid competitor? Let us know by commenting below in the comments section.