Amazon-backed startup Rivian starts production of electric pick-up By Reuters

by Msnbctv news staff

© Reuters. FILE PHOTO: The brand for electrical automobile startup Rivian is seen on the hood of its new R1T all-electric truck in Mill Valley, California, U.S., January 25, 2020. REUTERS/Nathan Frandino

(Reuters) – (NASDAQ:) Inc-backed Rivian’s first electrical pick-up has rolled off the manufacturing line, the corporate’s chief govt mentioned on Tuesday.

This makes Rivian the primary to carry an electrical pick-up to the market, forward of Tesla (NASDAQ:) Inc, Common Motors (NYSE:) and different gamers.

“This morning our first buyer automobile drove off our manufacturing line in Regular,” founder and Chief Government Officer RJ Scaringe mentioned in a tweet, which included photographs of Rivian’s R1T electrical pick-up truck at its plant in Regular, Illinois.

Tesla boss Elon Musk in July supplied no timeframe for when the automaker would begin mass manufacturing of its much-anticipated Cybertruck.

Rivian declined to remark past Scaringe’s tweet.

In August, Rivian mentioned it has confidentially filed paperwork with regulators for an preliminary public providing. Two sources had advised Reuters that the corporate will search a valuation of round $70-80 billion on the time of its IPO.

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