Rivian is also appealing to commercial clients, including its own influential backers. (Tesla announced its first pickup truck, the Cybertruck, in 2019, but deliveries have been delayed until 2022.) That’s a notable difference from Tesla, which has focused primarily on selling cars and crossovers. After being founded in 2009 and remaining secretive for years, Rivian announced in 2018 that its first models would be a pickup truck and an SUV meant for off-road driving. In a lawsuit, Tesla even accused Rivian of stealing its trade secrets after hiring its former employees.īut a big difference between Rivian and Tesla is the type of electric vehicles the two companies are selling. Rivian has invested heavily in its hands-free, semi-autonomous driving technology with a suite of features called Driver+, which sounds a lot like Tesla’s Autopilot. Also as Tesla has done, Rivian is taking an AI-focused approach to its vehicles. The company plans to have 10,000 stations available by the end of 2023, many of which will be in remote areas. Like Tesla, Rivian is selling home chargers and developing a nationwide charging network. “Probably the first priority is making sure there are enough fast chargers available on highway rest stops so that you can take your vehicle wherever you want to go.” “It’s a big deal that more public infrastructure is available,” Jeremy Michalek, an engineering and public policy professor at Carnegie Mellon, told Recode in August. There also aren’t that many charging stations available across the US, leaving some potential EV buyers worried about running out of juice. A shortage of semiconductors has caused delays and production halts across the auto industry. This summer, President Joe Biden issued an executive order that called for electric vehicles to account for half of all new auto sales in the United States by 2030, and a growing number of legacy automakers have committed to shifting their production to electric vehicles in the next two decades.īut as the world continues to struggle with the pandemic, Rivian faces some serious challenges. Rivian’s first vehicle, a $73,000 pickup, started shipping in September, and a second model, a $75,500 seven-seat SUV, is supposed to be released next year. The 12-year-old company, which is backed by Amazon and considered one of the biggest threats to Tesla, is now one of the world’s most valuable automakers, worth billions more than Ford or GM - even though, as of October, it’s only delivered 156 vehicles. Rivian filed for an initial public offering back in August. While that price set Rivian’s valuation at around $70 billion, the carmaker’s market capitalization surged above $90 billion, after the stock started trading at nearly $107 a share on its first day. The electric pickup and SUV manufacturer priced its stock at $78 a share and raised about $12 billion, which the company plans to spend on boosting production and designing more vehicle models.
Rivian went public on Wednesday, marking the largest IPO in the United States since 2014.
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