The race to build the best EV truck just became a little more interesting as a startup automotive company edges ahead of Ford Motor.
Key Details
- Startup automaker Rivian Automotive and Ford Motor are locked in tight competition to build the best electric (EV) truck, but Rivian is pushing ahead.
- So far this year, Ford has sold 8,760 Ford Lightnings, an EV truck the company launched in April this year. Rivian has sold 12,278 of its R1 trucks during the same time period, Al Root reports in Bloomberg.
- Rivian’s lead may not be long-lived as Ford’s third quarter sales closed in on Rivian’s.
Why it’s news
Trucks rank consistently among the most popular types of vehicles for Americans, making them a target for EV developers.
The Ford F-150 has been the best selling vehicle in the U.S. for over 40 years, showing that Ford knows how to make a truck that will sell, but an EV truck is a totally different market.
Third quarter sales showed that Ford is gaining on Rivian, however. Rivian sold 6,584 trucks in the third quarter while Ford sold 6,464.
Ford only recently began offering the Ford Lightning model, but plans to produce 150,000 Lightnings a year starting in 2023. Rivian on the other hand will produce 21,000 EVs this year and is expected to make 73,000 the following year.
For now, there is plenty of business for both companies, but the playing field will soon get a little more crowded.
General Motors and Tesla have plans to start selling their EV trucks next year. Both companies have built high interest in their products and have pre-orders totaling in the hundreds of thousands.
While interest in EV trucks is high, the market for EVs will likely remain largely with smaller, lighter vehicles. Trucks and SUV sales are approximately 70% of the new vehicle market in the U.S., but less than 2% of truck sales come from EV trucks, Bloomberg reports.
Rivian is facing troubles as it recently announced a recall on nearly every vehicle sold so far due to a steering defect.
