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Race for First EV Truck Intensifies

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Rivian

Aug. 31, 2020—Billions of dollars are pouring into a group of companies that are developing electric pickup trucks, and the race is intensifying to be first-to-market.

Nikola Motor Co. went public last month with its IPO. Well-funded Tesla is in the race with its Cybertruck. Ford and General Motors have their own pet projects. Lordstown Motors also went public as it develops its Endurance model.

Rivian has the potential to be first-to-market, according to CNBC. The company will not pursue an IPO but is aggressively fundraising to add to its $6 billion coffer.

The company will assemble its trucks at a former Mitsubishi plant in Illinois. Its shareholders include Amazon and some of the largest investment groups.

Image: Rivian

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