Based in 2009, Rivian is specializing in upscale electrical vehicles and SUVs with an emphasis on out of doors journey. CNBC’s John Rosevear calls them the “Patagonia of electrical autos.”
Rivian launched its first automobile, the R1T electrical truck, on the finish of final yr. It has been working to scale up manufacturing and is planning to ship its SUV — the R1S — constructed off of the identical platform, later this yr.
It has been an extended and arduous street to get thus far. However Rivian has obtained some main help, together with $700 million from Amazon in 2019 and $500 million from Ford just a few months later. Initially, Rivian and Ford sought to develop a joint automobile collectively, however the companies ended up canceling those plans.
Nevertheless, the partnership with Amazon continues to be on observe. Following its funding, Amazon stated it might buy 100,000 custom-built electrical supply vans, a part of its transfer to affect its last-mile fleet by 2040.
When Rivian went public in November 2021, it had one of many largest IPOs in U.S. history. However the turbulent economic system has forged a shadow over its rocketing success. Because the market responded to inflation and fears of a recession, the inventory took a giant hit. However with the Amazon deal secured, some are assured the EV maker can climate the storm.
“When Amazon invested in them…however extra importantly, put a dedication to purchase all of these autos from them, they modified the market dynamic round that firm,” stated Mike Ramsey, an auto and sensible mobility analyst at Gartner.
Final month, Rivian and Amazon rolled out the primary of the electrical vans. They’re beginning to ship packages in a handful of cities, together with Seattle, Baltimore, Chicago and Phoenix.