but will sell for thousands of dollars more once
customers add options. General Motors has
announced plans for an electric version of the
Silverado pickup.
“Although the R1T’s advantage is that it’s
first to market and it will likely appeal to a
Tesla-type shopper, the long-term volume
expectations for a $70,000+ midsize truck
aren’t very high,” said Jessica Caldwell of the
automotive website Edmunds in an email.
The research firm LMC Automotive says in
2020, EVs made up a little more than 3% of
the global auto market and less than 2% of
the U.S. auto market. The group projects those
numbers to shoot up to about 15% and 12%,
respectively, by 2025.
Rivian, which was founded in 2009, says it lost
$426 million in 2019 and $1 billion last year. It
reported losing nearly another billion dollars
in the first six months of this year. Tesla, which
went public in 2010, recorded its first annual
profit last year.