Rivian plans to offer smaller-sized vehicles in both Europe and China, Reuters reported Wednesday.
What Happened: The Amazon.com, Inc (NASDAQ:AMZN)-backed electric vehicle company has ambitions to build some vehicles in the two markets, according to Reuters.
The Michigan-based company plans to offer its existing SUV vehicle in Europe in 2022 and in China soon after.
Rivian CEO R.J. Scaringe told Reuters that it is the follow-on smaller vehicles — expected to share key components with their larger cousins — that will “drive volumes” in Europe and China.
“We wouldn’t be serious about building a car company if we weren’t thinking about China and Europe as important markets long term,” said Scaringe.
Why It Matters: Competition is intensifying in the electric pickup market as Rivian's own backer — Ford Motor Company (NYSE:F) — is reportedly planning to also offer similar vehicles.
Rivian has started taking advance orders for its pickup models R1T and R1S priced at $75,000 and $77,500, both priced above Tesla’s Cybertruck.
The company says all its electric vehicles will be equipped with a free driver assistance system, which will automatically steer and adjust the speed of the vehicle at the driver’s command.
Photo by Richard Truesdell on Wikimedia