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Start-up EV Rivian Automotive has launched the first fully electric pickup truck, the R1T. Meanwhile, the electric truck manufacturer Nicolas (NKLA) plans to manufacture 100 semi-trailers at its plant in Germany next year. NKLA shares plummeted.
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Amazon (AMZN) – and Ford (F) – sustained Rivian beats You’re here (TSLA) and General Motors (GM) in the fist, as the market for electric vehicles for electric trucks heats up.
RJ Scaringe, CEO of Rivian tweeted with photos on Tuesday as the first R1T rolled off the assembly line at its Normal, Illinois plant that morning.
“After months of building pre-production vehicles, this morning our first customer vehicle rolled off our production line at Normal! The collective efforts of our team made this moment possible,” he said. “I can’t wait to put them in the hands of our customers! “
Media reports say Rivian has received regulatory approval to begin selling and delivering its R1T pickup truck and R1S SUV to all 50 US states. The vehicles are fully certified by the National Highway Traffic Safety Administration, the Environmental Protection Agency and the California Air Resources Board, the company confirmed to IBD in an email.
Rivian overcomes supply chain issues
The R1T electric pickup starts at around $ 67,500. The seven-seater R1S costs around $ 70,000. The pre-order launch editions of both vehicles sold out at the end of 2020.
Production of the R1T comes as Rivian plans to go public in late November. Rivian is said to be looking for a valuation of around $ 80 billion, beating GM’s market cap by around $ 72 billion and Ford’s market cap by around $ 53 billion. However, it would still be much lower than Tesla’s $ 705 billion valuation. The Irvine-based company is reportedly targeting an IPO around Thanksgiving.
Rivian appears to have overcome supply chain issues that had previously delayed production of the R1T. Its most recent update was for September as the start of deliveries. Rivian plans to deliver 20,000 vehicles in 2021. He plans to double this figure by 2022.
Tesla CEO Elon Musk said Cybertruck production will not begin until late 2022, with volume production not until late 2023. This could reflect issues with the serial production of 4,680 batteries, the key to making the Cybertruck and the long delayed Semi and Roadster viable.
Meanwhile, GM plans to begin production of its top-of-the-line Hummer EV later this year. General Motors will follow with a Silverado EV as well as a GMC electric pickup for 2023. Ford’s first electric pickup, the F-150 Lightning, will arrive in spring 2022.
Meanwhile, Rivian also struck a deal to manufacture 100,000 electric delivery vans for Amazon.com. GM and Ford are set to launch electric delivery vans this year.
Nikola is about to start production
US electric vehicle maker Nikola is teaming up with Iveco, the commercial vehicle unit of Italian CNH Industrial NV, to start mass production of Nikola Tre heavy trucks.
Nikola presented its production line at the German Iveco plant on Wednesday, Bloomberg reported. The first battery-electric models will ship to customers in the United States early next year, with a fuel cell version expected to follow by the end of 2023.
Nikola hopes to change the negative narrative surrounding his business recently. Founder Trevor Milton stepped down as executive chairman in September after pleading not guilty to fraud charges in July.
Nikola stock plunged after a short seller accused Milton of misleading investors.
VE actions
Nikola’s shares fell 2.3% to 9.68 on the stock exchange today. NKLA stock is trading near all-time lows, according to MarketSmith chart analysis.
Tesla, a ranking stock, climbed 0.6% to 749.01. TSLA action is above an alternate entry at 730. Buy zone extends to 766.50.
Among other automakers with a growing list of electric vehicles, shares of GM and Ford each rose 1.2%.
Follow Adelia Cellini Linecker on Twitter @IBD_Adelia.
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