Tesla Inc. rival Rivian Automotive Inc.’s RIVN R1T, an electric vehicle, was recently spotted near Hyundai‘s Namyang research and development (R&D) facility in South Korea.
The sighting of the Rivian R1T has sparked speculation about Hyundai’s plans to develop its own electric truck, according to Electrek. This comes following Hyundai’s release of its next-generation EV platform in June, which aims to support 13 new electric vehicle models under the Hyundai, Kia, and Genesis brands.
See Also: 10 Consumer Discretionary Stocks With Whale Alerts In Today’s Session
In an earlier statement, Hyundai’s CEO, Jaehoon Chang, confirmed that the new platform will cater to a range of vehicle classes, including pickup trucks. However, no specific details about a potential electric pickup have been released so far.
The sighting of Rivian R1T near Hyundai’s R&D facility suggests the automaker’s interest in understanding the design and functionality of Rivian’s electric truck. Notably, this isn’t the first time Rivian’s electric truck has been spotted in South Korea. In 2021, speculation arose about Rivian’s potential collaboration with Samsung as a battery supplier when an R1T model was seen on public roads in Suwon.
While Hyundai’s plans remain unclear, Kia has already announced its intention to add two electric trucks to its lineup by 2027.
Read Next: What 10 Analyst Ratings Have To Say About NIO
Photo by Tada Images on Shutterstock
Engineered by Benzinga Neuro, Edited by Navdeep Yadav
The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
