Some traders assume the auto giants can’t move as nimbly because the disruptive new startups because they’re still so closely committed to producing gas-powered automobiles. And they face mounting competition from the massive automakers, who are also racing to catch up with Tesla — and who are planning mass manufacturing vehicles less expensive than the posh vehicles Rivian and Lucid are beginning out with. The firm additionally plans to bring an SUV to market, and is aiming at the corporate market with upcoming delivery vehicles. A Rivian R1T electric pickup truck is displayed outside the Nasdaq MarketSite in Times Square, New York, on Nov. 10. Shares within the electrical truck maker gained strongly in their first day of trading after finishing its IPO. Meanwhile, Rivian CEO RJ Scaringe did not have an extended automotive resume when he founded the company, however he did have a Ph.D. in mechanical engineering.