Rivian Automotive, a prominent player in the electric pickup truck market, has encountered challenges in creating electric vehicles (EVs) capable of matching the utility of their gasoline counterparts.
Despite positioning itself as an innovator in the EV sector, Rivian has struggled to turn a profit.
With an average selling price surpassing $80,000, the company faced losses, amounting to $33,000 per vehicle sold. v
"The @Tesla Cybertruck is coming, the @Ford next generation Lightning is coming. Is there too much saturation for the electric pickup truck?" @lebeaucarnews asks @Rivian CEO @RJscaringe: pic.twitter.com/hWVNLKjxMc
— Squawk Box (@SquawkCNBC) October 3, 2023
Rivian Founder and Chief Executive RJ Scaringe said, “We’re competing to build something that’s truly better than all the alternatives, and to try to do that on a limited budget would be detrimental to us achieving our mission.”
Merrill who purchased a new R1S, said, “I was in a honeymoon phase. It’s an incredible car, and it handles unlike anything I’ve ever driven.”
After his truck got stuck in the snow he said, “I had seen all the Rivian marketing campaigns with the cars just eating through the snow, so it was kind of like, man, this is disappointing.”
Rivian set out to make the ultimate electric truck. They're so expensive to build that the company has been losing $33,000 on every one sold. https://t.co/PClrbXCuDi
— The Wall Street Journal (@WSJ) October 2, 2023
“The performance and drivability of an EV makes it so much more desirable than an alternative,” Scaringe said. (Trending: Woman Raised in USSR Says Biden’s DOJ Acts Like KGB)
“Buying a non-EV just feels very old.” he added.
In the second quarter of this year, Rivian delivered 12,640 electric vehicles.
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