Wednesday, September 1, 2021

Electric cars: Rivian (NASDAQ:RIVN)

Rivian is an American manufacturer of electric vehicles. 

  • Founder & CEO: RJ Scaringe (2009–) 
  • Founded: 2009 
  • Headquarters: Plymouth, Michigan
  • More than 3,600 employees split across offices in Michigan and California and its production facility in Illinois.
  • Privately held company (Limited liability company)
  • The startup was valued at $27.6 billion in a funding round in January.
  • The Rivian IPO is expected to occur in late 2021/early 2022. On September 1, the company filed paperwork with the Securities and Exchange Commission to become a publicly traded company.
  • Current investors in the electric-vehicle startup include Amazon, Ford, T. Rowe Price, BlackRock, Soros Fund Management and Fidelity.
  • Rivian has a deal with Amazon to build 100,000 custom electric delivery vans by 2030. 
The R1T is an all-new model from Rivian, and the company says it'll start delivering to customers in June 2021. It kicks off with a Launch Edition that starts at $75,000.

The truck will be sold directly to consumers, although Rivian says that it also will set up a network of service centers and Tesla-like stores. Going on sale soon after the R1T truck will be the R1S, a seven-passenger SUV with similar specs.

The company has retrofitted a former Mitsubishi Motors plant in Normal, Illinois, where it also plans to build the EV delivery van for Amazon.

Electric 2021 Rivian R1T

Founder Robert "RJ" Scaringe
He grew up in Melbourne, Florida, and has a doctorate in mechanical engineering from MIT's Sloan Automotive Lab.
Rivian's assembly plant in Normal, Illinois

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