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Rivian has said it hopes to start delivering its truck R1T in September and its SUV R1S later this year. The cheapest model of the truck is $67,500 and the SUV is $70,000. In the filing, the company said as of September 30, it had received approximately 48,390 orders for its trucks and SUVs in the United States and Canada from customers who paid a cancelable and refundable deposit of $1,000 each.
Rivian models are part of a wave of electric vehicles coming to market to challenge Tesla. Earlier this year, Ford Motor started selling the Mustang Mach-E, an electric sports utility vehicle, while Volkswagen launched its own electric SUV, the ID.4. Ford is preparing to add an electric version of its popular F-150 pickup truck next year. The F-150 is a work truck and will not compete directly with Rivian’s truck, which is marketed more as a recreational vehicle.
Lucid Motors, another company led by former Tesla executive Peter Rawlinson, is about to begin deliveries of the Lucid Air, a luxury sedan that can travel 520 miles on a single charge, up to about 100 km, on a single charge of its battery pack. It’s miles further than Tesla’s longest-range model. Like Tesla’s Model S and Model X, the Air is aimed at wealthy buyers and costs $169,000 before federal and state incentives.
Lucid is worth about $40 billion on the stock market.
More EVs will follow. General Motors is preparing to sell its battery-powered GMC Hummer and Cadillac Lyriq SUVs, and is also working on its own electric pickup truck. Mercedes-Benz, BMW, Hyundai and other automakers are also adding new EVs to the fight.
Rivian’s success could be a lasting boost to the economy around the company’s headquarters. Production facility in Normal, Ill. The company employs 2,500 workers there and expects to eventually double its headcount.
Rivian chose a different route from Lucid, Nikola and Lordstown to enter the stock market by holding a traditional IPO; all of which merged with a special purpose buyout company or SPAC already listed on the stock exchange to become publicly traded companies. Many SPACs have been established since the beginning of last year, but critics say the deals offer opportunities for small investors less protection than a traditional IPO.
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