By
Svetlana Soroka
April 18th, 2024
Following the prior testing, Rivian announced the official EPA range for its R1T Large Pack is 314 miles whilst its R1S Large Pack is 316 miles.
EV automaker Rivian Automotive LLC has announced that it has delivered its first all-electric pick-up truck to its customer. Consequently, the Amazon-backed company beat rivals in the EV market including Tesla Inc (NASDAQ: TSLA), and Ford Inc (NYSE: F) as the first of its kind to market an all-electric pick-up truck.
Posting some memories of the colorful event, Founder and CEO Rivian, RJ Scaringe, said that the collective effort has made it possible for the company despite Covid market disruptions.
“After months of building pre-production vehicles, this morning our first customer vehicle drove off our production line in Normal! Our team’s collective efforts have made this moment possible. Can’t wait to get these into the hands of our customers!,” Scaringe explained through a tweet on September 14, 2021.
However, the company did not disclose any further detail of R1T pickup production. Furthermore, eyeing investors would be somehow interested in the specific details.
Notably, the company has been doing rigorous testing on its electric pickup to determine its capabilities. Moreover, the company is awaiting SEC approval to go public sometime later.
“This summer, we drove 7,700 miles on the Trans America Trail, a cross-continental route designed with minimal pavement, and for maximum off-road adventure,” Scaringe previously announced.
Following the prior testing, Rivian announced the official EPA range for its R1T Large Pack is 314 miles whilst its R1S Large Pack is 316 miles. Compared to Tesla’s Model S plaid that has an EPA range of 396 miles, the company has a long way to go to take pride over its competitors.
Rivian and the EV Market Outlook
The electric vehicle industry is expected to further grow exponentially in the coming years. Moreover, global demand for quality environmentally friendly vehicles remains high and keeps on growing with time. For instance, China, the United States, and several European countries like Germany have set a limited timeframe for EV adoption and a certain share of the market.
Rivian is however venturing into an industry that is highly competitive despite having Amazon Ford Motor and T. Rowe Price as notable investors.
The company has conducted private fundings, whereby it recently closed a $2.5 billion private funding. Since 2019, the company has managed to raise a total of $10.5 billion. Consequently, the company is seeking a United States Initial public offering and raising to $70 billion.
Amazon is expected to receive thousands of EV units from Rivian, thus a major customer and investment.