Tesla Inc TSLA investor and Future Fund Managing Partner, Gary Black, sees the longer wait time on Tesla’s Cybertruck aiding Rivian Automotive Inc‘s RIVN sales.
What Happened: “Rivian will likely be big beneficiary of Cybertruck deliv launch,” Black wrote on X. The huge interest in the Cybertruck coupled with the long wait time on new orders will take people to Rivian as they are the closest competitor in the EV truck segment, Black said.
Further, for combustion engine truck drivers looking to swap to an EV, the Rivian truck has a more traditional design, he noted.
Black also posted an infographic from Google Trends showing that the search for a Rivian R1T surged on Nov. 30th, the day Tesla commenced delivering its Cybertrucks. Though the search numbers for Ford Motor Co‘s F F150 Lightning surged likewise, the interest in R1T was higher as per the graph.
Why It Matters: Tesla delivered a handful of vehicles to owners at its Gigafactory in Texas in a nearly 30-minute long event last week.
The pricing of the stainless steel, futuristic truck, allegedly inspired by movies including ‘Blade Runner‘ and ‘The Spy Who Love Me,' starts at $60,990 while its most expensive version, the Cyberbeast, starts at $99,990. The cheapest version of the vehicle will however only be available starting 2025.
The demand for the vehicle is huge with over a million people having reserved the car, Tesla CEO Elon Musk said during the company’s third-quarter earnings call. The company sees delivering roughly 0.25 million Cybertrucks in a year eventually. However, this might not happen next year, Musk warned, citing trouble with scaling production.
"I think we’ll probably reach it sometime in 2025. That’s my best guess," Musk then said, hinting that those who have their reservations already in place will take till 2025 to receive their vehicles.
Meanwhile, the Rivian R1T EV truck starts at $73,000 and will typically be delivered in 4 months or less.
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