A wave of new entrants hope to carve out space in an automotive market that hasn’t been kind to startups since the end of World War II.
Taken alone, it’s a significant victory for Rivian, which has raised billions in capital from investors as diverse as Ford, Amazon and Cox Automotive.
The key difference: The new manufacturers are focused exclusively on battery-electric vehicles. President Joe Biden aims to have EVs account for 40 percent to 50 percent of the U.S. market by 2030, and the new players are betting that they can carve out a profitable niche. And Tesla, which is getting ready to open up its fourth assembly plant, is their role model.
The R1T rides on a skateboard-like platform, its batteries and motors mounted below the load floor. The layout allows for a roomy “frunk,” where gas-powered pickups mount internal combustion engines. Another large storage area is tucked below the cargo bed, ahead of the rear wheels. The pickup will come in a variety of configurations, starting with the $73,000 Launch Edition, loaded up with features from sophisticated wood and faux “leather” interior trim to a Level 2 driving assistance system.
“But there’s no guarantee they will succeed and thrive over the long term,” Abuelsamid said. “The established automakers have a flood of EV products coming. While they are late to the nascent market, that’s not necessarily a disadvantage.”
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