While Elon Musk considers selling his Tesla stock, another electric vehicle startup is pleading with you to purchase its.
Rivian is going public today, with a valuation of $77 billion and a goal of generating over $10 billion. The IPO is expected to be the seventh-largest on a US stock exchange in history, and the largest for a US company since Facebook’s IPO in 2012.
Rivian creates what? So far, not much. The company only recently began delivering automobiles from its Normal, Illinois, plant. However, among its first goods will be…
The R1T is a pickup truck.
The R1S is a sport utility vehicle.
A van used for commercial deliveries
The beginning of the storey: Rivian was founded in 2009 by RJ Scaringe, an MIT degree holder, with the intention of developing an electric sports automobile. Scaringe switched to building an auto brand for the Chaco-wearing adventure set after realising he couldn’t compete Elon in that arena.
Supporters who are well-known
Rivian was formerly a fly-by-night operation, but in recent years it has attracted the attention of some major players. Amazon owns 22% of Rivian and put the company on the map in 2019 when it announced an order for 100,000 vans for its delivery routes.
Jeff Bezos is such a Rivian devotee that he drove up to the launch site in a Rivian SUV this summer on his trip to space.
Scaringe has been dubbed “one of the greatest entrepreneurs I’ve ever met” by Bezos.
Ford is another heritage corporation that has placed a bet on Rivian. Ford beat GM to a 12 percent interest in Rivian as it looked for methods to compete with Tesla in the EV industry. When Rivian goes public, it stands to make $7 billion.
Rivian is a consensus No. 1 draught pick, but if it wants to end up like LeBron James instead of Greg Oden, it will have to execute at a high level. Last quarter, it only made $1 million in revenue, after losing nearly $1 billion in the first half of the year.