share_log

Amazon-backed startup Rivian beats Tesla, GM, Ford as first automaker to produce electric pickup

reuters ·  Sep 14, 2021 23:39

Sept 14 (Reuters) - $Amazon(AMZN.US)$ -backed Rivian's first electric pick-up has rolled off the production line, the company's chief executive said on Tuesday.

This makes Rivian the first to bring an electric pick-up to the market, ahead of $Tesla(TSLA.US)$$General Motors(GM.US)$, and other players.

"This morning our first customer vehicle drove off our production line in Normal," founder and Chief Executive Officer RJ Scaringe said in a tweet  which included images of Rivian's R1T electric pick-up truck at its plant in Normal, Illinois.

Tesla boss Elon Musk in July offered no timeframe for when the automaker would start mass production of its much-anticipated Cybertruck.

Rivian declined to comment beyond Scaringe's tweet.

In August, Rivian said it has confidentially filed paperwork with regulators for an initial public offering. Two sources had told Reuters that the company will seek a valuation of around $70-80 billion at the time of its IPO.

(Reporting by Chavi Mehta in Bengaluru; Editing by Shailesh Kuber)

((Chavi.Mehta@thomsonreuters.com;))

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more
    Write a comment