Following in Tesla’s footsteps, one other electrical automobile firm is making a reputation for itself with a singular spin: Rivian Automotive.
Established in 2009, Rivian has been specializing in upscale electrical vans and SUVs with an emphasis on out of doors journey. CNBC’s John Rosevier calls them “the Patagonia of electrical automobiles.”
Rivian launched its first automobile, the R1T electrical truck, late final yr. It’s working to ramp up manufacturing and plans to construct its SUV – the R1s – from the identical platform later this yr.
It has been an extended and tough highway to achieve this level. However Rivian has had some huge assist, together with $700 million from Amazon in 2019 and $500 million from Ford a couple of months later. Initially, Rivian and Ford sought to develop a joint automobile collectively, however the corporations shelved these plans.
Nevertheless, the partnership with Amazon continues to be on observe. Following its funding, Amazon stated it will purchase 100,000 custom-built electrical supply vans, as a part of its transfer to affect its last-mile fleet by 2040.
When Rivian went public in November 2021, it was one of many largest IPOs in US historical past. However the turbulent financial system has solid a shadow over its stupendous success. Because the market responded to inflation and recessionary fears, the inventory took a serious hit. However with the Amazon deal secured, some are assured EV makers can climate the storm.
Mike Ramsey, auto and good mobility analyst at Gartner, stated, “When Amazon invested in them…
Final month, Rivian and Amazon rolled out the primary electrical vans. They’re beginning to supply packages in a handful of cities, together with Seattle, Baltimore, Chicago, and Phoenix.
Watch the video to seek out out extra.