Rivian Automotive is an electric vehicle manufacturer that is following in Tesla’s footsteps, but with a unique twist.
Rivian, which was founded in 2009, focuses on upmarket electric trucks and SUVs with a focus on outdoor adventure.
Rivian’s first vehicle, the R1T electric truck, was released at the end of last year. It has been working to increase production and expects to ship its SUV, the R1S, built on the same platform, later this year.
It’s been a long and difficult road to get here. Rivian, on the other hand, has received significant funding, including $700 million from Amazon in 2019 and $500 million from Ford a few months later.
Rivian and Ford originally planned to collaborate on the development of a joint vehicle, but those plans were scrapped.
However, the Amazon partnership is still on track. Following its investment, Amazon announced plans to buy 100,000 custom-built electric delivery vans as part of its effort to electrify its last-mile fleet by 2040.
Rivian had one of the largest initial public offerings (IPOs) in US history when it went public in November 2021. However, the turbulent economy has cast a cloud over its meteoric success. The stock suffered greatly as the market reacted to inflation and fears of a recession. However, with the Amazon deal in place, some are optimistic that the EV manufacturer will be able to weather the storm.
“When Amazon invested in them…but more importantly, put a commitment to buy all of those vehicles from them, they changed the market dynamic around that company,” said Mike Ramsey, an auto and smart mobility analyst at Gartner.
Rivian and Amazon debuted the first electric vans last month. They are now delivering packages in a few cities, including Seattle, Baltimore, Chicago, and Phoenix. (Adapted from
(Adapted from WabaNews.com)