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IPFS News Link • Transportation

Rivian Beats Tesla, GM With First Electric Pickup; Nikola Set To Begin Semi Production

• Investors.com

EV startup Rivian Automotive has rolled out the first all-electric pickup truck, the R1T. Meanwhile, electric truck maker Nikola (NKLA) plans to make 100 semis at its plant in Germany next year. NKLA stock fell.

Amazon (AMZN)- and Ford (F)- backed Rivian beats Tesla (TSLA) and General Motors (GM) to the punch, as the EV market for electric trucks heats up.

Rivian CEO RJ Scaringe tweeted with photos Tuesday that the first R1T came off the assembly line at its Normal, Ill., plant that morning.

"After months of building preproduction vehicles, this morning our first customer vehicle drove off our production line in Normal! Our team's collective efforts have made this moment possible," he said. "Can't wait to get these into the hands of our customers!"

Media reports say Rivian has received regulatory approval to begin selling and delivering both its R1T pickup truck and R1S SUV in all 50 U.S. 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.

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Nikola Poised To Begin Production

U.S.-based EV maker Nikola is partnering with Iveco, the commercial-vehicle unit of Italian CNH Industrial NV, to start series production of Nikola Tre heavy-duty trucks.

Nikola showcased its production line at Iveco's German plant Wednesday, Bloomberg reported. The first battery-electric models will be delivered to customers in the U.S. early next year, with a fuel cell version slated to follow by the end of 2023.

Nikola hopes to change the negative narrative surrounding its business recently. Founder Trevor Milton stepped down as executive chairman in September after pleading not guilty to fraud charges in July.

Nikola stock took a dive after a short seller accused Milton of misleading investors.


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