Tesla Inc. TSLA co-founder Martin Eberhard, who has had a not-so-cordial relationship with Elon Muskoffered his thoughts on the new breed of electric vehicle makers in a recent interview.
What Happened: Unlike tech companies, the auto industry is not a “winner-take-all industry,” Eberhard said in an interview with Business Insider. He reportedly said he is disappointed by certain companies such as Lucid Group Inc. LCID.
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Newark, California-based Lucid is striving to lock horns with Tesla’s Model S with the Lucid Aira similar electric sedan, he said.
Eberhard reportedly said he worked for Lucid, when it was known as Atieva in 2015, and left after just six weeks as he was not a “big fan” of its CEO.
Impressed With Rivian: Eberhard, however, is more impressed with companies such as Rivian Automotive Inc. RIVN.
“Rivian has looked out there and said, ‘You know, the No. 1-selling vehicle in North America is the F-150 truck. So if we want to find a new market, that’s a lucrative place to work,'” Eberhard reportedly said.
Incidentally, Rivian was the first to launch an electrified pickup truck, ahead of Ford Motor Co.‘s F-150 Lightning EV. The EV startup, which began delivering the R1T EV pickup truck in late-2021, produced about 24,337 units and delivered 20,332 of those.
Eberhard’s sentiment echoes the views of Barclays analysts Dan Levy, who said in a recent note, “if we were to identify any of the start-up EWV automakers as the closest to Tesla, we believe it would be RIVN.”
Levy has an Overweight rating on Rivian shares and a $28 price target.
Photo: Courtesy of Wikimedia Commons
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