- Rivian has filed with the Securities and Exchange Commission for an initial public offering.
- The company is backed by Amazon and Ford Motor, among other early investors.
- Amazon plans to buy 100,000 delivery vehicles from the company over the next 10 years.
- The company had attracted $10.5 billion in funding as of July 2021.
- The global EV market was valued at $273 billion in 2017 and is forecast to exceed $987 billion by 2027, with a projected CAGR of 17.4 percent
Rivian Automotive Inc. (NASDAQ: RIVN) is an electric vehicle (EV) technology and manufacturing company founded in 2009. The company has developed and vertically integrated a connected electric platform that can be flexibly applied to a range of applications, including the company’s adventure vehicles, as well as B2B vehicles such as Amazon’s last mile delivery vans. Rivian’s launch vehicles, the R1T pickup and R1S SUV, are designed and built to provide an unmatched combination of performance, off-road capability and utility. These vehicles will be produced at Rivian’s manufacturing plant in Normal, Illinois, with customer deliveries expected to begin in fall 2021. Limited production of vehicles was set to begin during summer 2021, after rollout to the public was delayed due to the supply chain issues and chip shortages facing all auto manufacturers in the age of COVID-19.
The company designs for complete life cycles across everything it does. Battery packs are designed to be easily removed from EVs and either recycled or used in “second life” applications such as stationary storage. The interiors of Rivian vehicles are made from 100 percent animal-free materials with mid-life repairability and end-of-life recyclability planned into the design. Dunnage containers at the plant are reusable and made from plastics harvested from the ocean.
The company maintains a network of offices, test labs, experience centers, service centers and manufacturing sites, with locations in Irvine, Los Angeles and Palo Alto, California; Plymouth, Michigan; Wittman, Arizona; Vancouver, B.C. and Woking, UK, as well as Normal, Illinois. Rivian’s 2028 net-zero commitment requires the company to fully understand the carbon intensity of its suppliers and service providers, as well as its own operations. This accurate carbon accounting is being used to drive the company’s decisions and actions – from working on more sustainable raw material supply to aggressively managing waste generation.
The R1T pickup starts at $67,500, with a range of 300-plus miles. In 2022, a 400-plus mile range R1T will be available. After launch, the company will announce the timing for a 250-plus mile range R1T. The R1T will do 0-60 in as little as three seconds, depending on tire selection. The vehicle’s structures are made from aluminum alloy, ultra-high strength steel and carbon fiber, and are designed for enhanced safety. A low center of gravity helps prevent rollover. The powertrain, thermal system and frame structure enable the R1T to tow up to 11,000 pounds. When towing at full capacity, a 50% reduction in range is expected. The R1T standard comprehensive warranty is five years or 60,000 miles, and the battery pack and drivetrain are covered for eight years or 175,000 miles, both whichever comes first. The limited corrosion warranty is eight years with unlimited miles.
The seven-seat SUV model starts at $70,000, with a range of 300-plus miles. After launch, Rivian will announce the timing of a 250-plus mile and longer range R1S. Like the pickup, the SUV model can potentially do 0-60 in three seconds. The R1S sports the same safety features as the pickup and can tow up to 7,700 pounds with corresponding reduction in range based on towing weight. The SUV warranties are identical to the R1T.
In addition to the R1T truck and R1S SUV model, Rivian has already filed trademarks for additional models. The company is also building the Rivian Adventure Network — a nationwide network of DC fast chargers capable of adding up to 140 miles of range in 20 minutes to the R1T and R1S. With more than 3,500 DC fast chargers at 600-plus sites planned by the end of 2023, the Rivian Adventure Network is designed for quick recharges. Connecting cities on popular routes across the U.S. and Canada, the network also extends further into more remote destinations.
The global EV market was valued at $273 billion in 2017, according to Fortune Business Insights, and is projected to exceed $987 billion by 2027, with a projected CAGR of 17.4 percent. The relative high manufacturing costs of EVs compared to gasoline-powered vehicles and the resulting higher sticker price to consumers is a major obstacle to near term market adoption.
RJ Scaringe is founder and CEO of Rivian. He began the company with no capital, no team, no partnerships and no roadmap. He has since led the company to develop its vertically integrated technology platforms, built a multi-program development organization, established key partnerships, and developed the strategic and tactical plans to establish market leadership in both the consumer and commercial markets. He holds a Ph.D. in Mechanical Engineering from MIT.
Jiten Behl is Chief Growth Officer at Rivian. Prior to joining the company, he was a principal at Roland Berger, focusing on the automotive industry, and was a member of the management team for North American operations. He holds a Bachelor of Engineering from Visvesvaraya Technological University in India and an MBA from the University of Chicago Booth School of Business.
Claire McDonough is CFO at Rivian. Before joining the company, she was a Managing Director in Investment Banking and co-head of the Disruptive Commerce Group at J.P. Morgan. She held financial leadership roles at Fairway Market and Credit Suisse and spent a period of time as a professional pastry chef in France. She holds an MBA from the University of Chicago’s Booth School of Business.
Rod Copes is COO at Rivian. He spent nearly 20 years with Harley-Davidson, most recently as Senior Vice President of Global Sales and Customer Service, before joining Royal Enfield Motorcycles as President, Americas in 2016. There, he led the re-launch and expansion of the historic, India-based brand in the United States, Canada and Latin America.
Helen Russell is Chief People Officer at Rivian. Before joining the company, she worked as the Chief People Officer of Atlassian, and she has held executive human resources roles at Sonos, Kantar, Yahoo! and Siebel Systems.