Craig Irwin, an analyst for electric vehicle and EV charging companies at Roth Capital, said there is still plenty of room for new entrants as more companies enter the EV market.
“EVs are inevitable. It’s good for the market to have another EV competitor that we can trust,” Roth said. “The Rivian IPO marks the point of gradual maturity in the industry, showing that trusted players have access to billions of capital.”
Rivian has signed a contract with Amazon to build 100,000 electric delivery vans at its former Mitsubishi plant in Normal, Illinois. Ford Motor Co. holds a 13% stake and said the two companies will work together to develop an electric vehicle.
As of October 31, Rivian has pre-ordered approximately 55,400 vehicles in the United States and Canada. These orders are placed with a deposit of $ 1,000 and can be canceled and refunded.
Rivian will launch its first vehicle, the R1T electric truck, in September and the electric SUV, the R1S, in December. Trucks start at $ 67,500 and SUV base packages start at $ 75,500, soaring even further with all add-ons.
Vehicle options include a $ 10,000 battery upgrade that extends mileage from 314 miles (505 kilometers) to over 400 miles (643 kilometers). A roof-mounted tent for three will add $ 2,650 to the invoice, and an off-road recovery kit will cost an additional $ 600.
Amazon-backed electric truck maker Rivian makes its debut | Illinois News
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