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Rivian, the electric truck maker that’s raised $350 million in venture capital is aiming to be the next Tesla killer. But whether it has the electric vehicle cred to do that remains to be seen.
That’s according to market research firm IDTechEx, which said in a research report Rivian has not revealed enough to declare it the Tesla killer that so many are predicting it will be.
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Rivian hasn't revealed enough
“We are not negative about Rivian. Like everyone else we wait to hear what defendable on-going uniques it possesses,” said Chairman of IDTechEx Dr. Peter Harroptk in a press release highlighting the firm’s research. “Global car sales declined for the first time since the economic crisis last year, yet Tesla is capturing business at the $20 billion level in 2019 and growing. Equally impressive, BYD of China has taken leadership in pure-electric buses worldwide and pure-electric cars in China, making its own batteries, something Tesla is planning. Given the perfect storm coming in cars it is important who wins in buses and full trucks more than pickup trucks. Rivian has chosen a good starting point from a US point of view."
The firm argued in the report that Rivian could face battery cell supply shortages as it works to meet Amazon’s order for 100,000 electric delivery trucks. At the same time, the electric truck startup has plans to gets its trucks in production in 2020 with an SUV slated for shortly after.
“Rivian's battery pack is housed in a unique structural shell made from carbon composite that reduces weight and is sealed to be completely waterproof,” wrote Chairman of IDTechEx Dr. Peter Harrop. “Once the pack is installed in the chassis, the vehicle gets an additional full-length skid plate designed to prevent the intrusion of foreign objects into the pack. Such a huge battery gets the exceptional range instead of low drag factor, better lightweighting, motor efficiency etc. This makes Rivian highly exposed to battery cell supply shortages.”
Rivian's vehicles come with an expensive price tag
Rivian has developed two electric trucks that come with an expensive price tag of $69,000 for the truck and $61,000 for the SUV. The R1T and the R1s come with lot of technology and high-end features both inside the cabin and outside. Rivian and Tesla's trucks will get 400 miles or mone on a battery charge. Rivian's trucks are expected to hit the market in late 2020 although it's been accepting pre-orders since November.