Tue. Dec 7th, 2021


Rivian went public on Wednesday, Identify the largest IPO In the United States since 2014. The electric pickup and SUV maker has valued its stock at $ 78 billion and raised about $ 12 billion, which the company plans to spend on increasing production and designing more car models. Although that price has set the price of the revian at around $ 70 billion, the carmaker’s market capitalization has risen to the top. 90 billion, After the stock started trading at around $ 107 per share on its first day.

Revian Filed For an initial public offer Back in August. The 12-year-old company, backed by Amazon and considered the biggest threat to Tesla, is now one of the world’s most valuable automakers. Billions more than Ford or GM – Although, as of October, it has delivered only 156 cars. The Revian’s first car, a $ 73,000 pickup, began shipping in September, and a second model, a ,500 75,500 seven-seater SUV, is due to be released next year.

Revien’s timing is good in some ways. This summer, President Joe Biden issued an executive order calling for electric vehicles to account for half of all new auto sales in the United States. By 2030, And a growing number of successor automakers are committed to shifting their production Near electric vehicles Within the next two decades.

But as the world continues to fight the epidemic, Rivian faces some serious challenges. The shortage of semiconductors has caused delays and shutdowns across the auto industry. There is also that Lots of charging stations Available across the United States, some potential EV buyers are concerned about running out of juice.

“It’s a big issue that more public infrastructure is available,” Jeremy Michaelak, a professor of engineering and public policy at Carnegie Mellon, told Record in August. “Perhaps the first priority is to make sure there are fast enough chargers available at the highway rest stop so you can take your car wherever you want to go.”

Like Tesla, so does Rivian Sell ​​home charger And Development of a nationwide charging network. The company plans to have 10,000 stations by the end of 2023, many of which will be in remote areas. Also as Tesla has done, Revian is adopting an AI-centric approach to its vehicles. Rivian has invested heavily in its hands-free, semi-autonomous driving technology A suite of features called Driver +, Which sounds a lot like a Tesla autopilot In one case, Tesla even accused Rivian of stealing his trade secrets Recruitment of its former staff.

But a big difference between Revian and Tesla is the type of electric car that the two companies are selling. After being founded in 2009 and kept secret for years, Revian announced in 2018 that its first models would be a pickup truck and an SUV. Off-road driving. This is a significant difference from Tesla, which primarily focused on car and crossover sales. (Tesla announced its first pickup truck, CyberTrack, in 2019, but has been delivered Delayed until 2022.)

Rivian is also appealing to commercial clients, including his own influential supporters. After participating in two funding rounds for startups, Amazon last year Committed to buying 100,000 electric delivery cars From Revian by 2030. Former Amazon CEO Jeff Bezos and three other passengers and even people on Blue Origin’s first flight A Rivian rode in an SUV On the launch site.

Ford, which plans to release an electric version of its popular F-150 pickup truck next year, has also invested heavily. Half a billion dollars In electric car startup.

Rivian’s IPO is having a hard time

Biden is no doubt passionate about electric vehicles. The Biden administration has already begun electrification The entire federal fleet of cars, SUVs and trucks, More than 600,000 vehicles. Meanwhile, the White House and congressional Democrats are pushing for the postal service. Buy 165,000 electric delivery trucks. The The most recent version Biden’s bipartisan infrastructure proposal includes $ 7.5 billion to build a national network of electric vehicle chargers. (Tesla CEO Elon Musk has done the same The beginning Tesla supercharger to open Electric vehicles from other manufacturers.)

But while EVs are becoming more popular worldwide, the United States is experiencing slower growth than China or Europe. Electric cars were sold worldwide last year Increased by 41 percent, An intergovernmental energy policy advisory body, according to the International Energy Agency. Sales of electric cars in the United States lag behind those of China and Europe, but sales of hybrid cars Growing, A sign that more customers may be warming up electric vehicles down the line.

A. Recent Pew Surveys, About 7 percent of Americans say they own an electric or hybrid car, and 39 percent say they would consider buying one. Ivy is more expensive Definitely a contributing factor Slower adoption rates in the United States. But its price Battery, Which is Expensive part The number of electric cars is declining, so Americans will see cheaper EVs in the future.

The barriers of the epidemic era have also plagued the auto industry. Rivian, which was originally scheduled to release its pickup truck in July, has twice suspended vehicle supplies. Late last month, RV Scarring, founder and CEO of Rivian Vehicles told customers who pre-ordered That Covid-19 “interfered with everything from facility construction, equipment installation, to vehicle component supplies (especially semiconductors).” The shortage of the same chip has forced Tesla Retype the code for its vehicles, And experts worry that the lack of a semiconductor could delay the production of the new electric Ford F-150.

Still, if Tesla’s escape is any indication of success, Rivian stands looking for anxious, outgoing customers who want an EV that goes off the road. Considering the current challenges, the company is strongly leaning towards Tesla and the growing number of legacy automakers who want a share of the EV market. GM will soon begin delivering an electric version of its GMC Hummer truck The end of the year. And the jeep Expected Will release an electric version of its Wrangler by 2023. President Biden Already given a test drive to one.


Updated, November 10, 2:15 pm: This section was updated to include Rivian publicly.



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