Staff writer
Tesla is about to have some serious competition from two new electric vehicle entrants; Rivian Automotive Inc. and Lucid Motors.
Just to refresh your memory, Tesla’s initial public offering (IPO) was on June 29, 2010 priced at $17.00.
Today, one Tesla share price is $958.71, a whooping 56 fold increase which has made Elon Musk, Tesla’s founder and CEO the richest man in the world with a networth of $251.9 Billion.
RIVIAN AUTOMOTIVE INC.
The company has shaken up the automotive world with the launch of an all-electric pickup truck ahead of Ford and GM. Already it has 55,000 pre-orders for its pickup truck and SUV.
In addition to the pre-orders, Amazon has placed 100,000 delivery vans through 2030. The company will major on pick up trucks, SUVs and commercial trucks.
The unit share price currently stands at $117.14. There’s a lot of confidence with the company’s prospects because it’s strategy is pegged on the lucrative trucks and SUVs markets not withstanding a favorable regulatory push for sustainable mobility.
The truck comes with some sort of kitchenette. There’s cooking set, a coffee pourover drippers and a hand-powered bean grinder to make a picnic experience second to none.
There’s tremendous opportunities in the commercial sector as companies step up their commitments to address global warming concerns and be relevant as the world moves towards a carbon free footprint and maximize returns with clean energy.
The competition will likely be steep as Ford, GM and Tesla rump up production of the same in the near future.
Rivian will have to overcome the production capacity issues, concerns that boggled Telsa for so, so long.
LUCID MOTORS
A relatively new start-up from California, US is the Lucid Motors. The company is redefining the luxury market for electrical vehicles (EVs).
The company started as a manufacturer of EV hardware (batteries and powertrains) for other companies, and rebranded to now developing and producing its own technology and its own electric vehicles.
The entry base price will set one back a minimum of USD $80,000. Today, Lucid Motors stock price is $40.87.
According to CEO Peter Rawlinson, “The goal of this relentless approach to developing the world’s most advanced electric vehicle is to benefit all mankind with sustainable, zero emission transportation, and to also attract new customers to the world of EVs,”.
Lucid Motors is driven to make the electric car better, and by doing so, help move the entire industry forward towards accelerated adoption of sustainable mobility. said, CEO and CTO of Lucid Motors.
“Lucid Motors is driven to make the electric car better, and by doing so, help move the entire industry forward towards accelerated adoption of sustainable mobility.”
Lucid Motors CEO Peter Rawlinson
As the competition gears up in the automotive world, we will be keeping our eyes wide open to see what will be the next big thing.
FOOTNOTES:
EVs – Electrical Vehicles
SUVs – Sports Utility Vehicles
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