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RJ Scaringe, founder and chief executive officer of Rivian Automotive Inc., unveils the R1T electric pickup truck, left, and R1S electric sports utility vehicle (SUV) during a reveal event at AutoMobility LA ahead of the Los Angeles Auto Show in Los Angeles, California.
Tesla may unveil an electric pickup truck this summer, CEO Elon Musk said during the company’s fourth-quarter conference call. In December, Musk talked extensively on Twitter about what he would like to include in a pickup truck design, including all-wheel drive with “crazy torque & a suspension that dynamically adjusts for load.”
Rivian is also building the R1S, which is an electric seven-passenger SUV. Rivian says the R1S will also have a range of over 400 miles.
Jonas said that Morgan Stanley has a “strong belief that all-electric vehicle architecture will need a truly ‘clean sheet’ approach” to take on Tesla, rather than “adapting existing legacy OEM architecture.” OEM is an auto industry term that stands for Original Equipment Manufacturer.
“We believe companies like Rivian will take elevated importance in investors’ minds as EVs become the focus of OEM investment and strategy,” Jonas said.
– Paul Eisenstein and CNBC’s
contributed to this report.