Benzinga | Dec 16, 2021 04:10AM EST

Tesla Bags Top-Rated EV Badge From Edmunds, Rivian Gets Editor's Choice Crown

Tesla Inc (NASDAQ:TSLA) and Rivian Automotive Inc (NASDAQ:RIVN) have secured top awards from automotive research agency Edmunds as part of its 2022 rankings.

What Happened: Tesla's affordable, compact sedan Model 3 has been named the top-rated electric vehicle of the year and the recently launched R1T electric pickup truck from Rivian has been crowned the editor's choice award.

Model 3 has now bagged the title for three years in a row, the research agency said.

"The first all-electric pickup truck to market, it offers an impressive combination of on- and off-road performance, cutting-edge technology and thoughtful utility," Edmunds said on why R1T bagged editor's choice award.

The recently-listed Rivian is backed by Amazon.com Inc (NASDAQ:AMZN) and Ford Motor Co (NYSE:F). The pre-revenue electric automaker has delivered just 156 electric vehicles but has secured a higher valuation than legacy rivals Ford and General Motors Co (NYSE:GM).

The development comes on the heels of Tesla CEO Elon Musk securing two back-to-back Person of The Year awards this week.

See Also: After Time, Financial Times Names Elon Musk 2021 Person Of The Year

Author's Take: Tesla has disrupted the automotive sector with electric vehicles despite resistance from traditional players.

Those results are now showing as the entire industry, under pressure from governments and consumers, is taking big steps to shift to an all-electric future.

Price Action: Tesla shares closed 1.82% higher at $975.99 a share on Wednesday.

Photo: Courtesy of Rivian