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Chinese companies like BYD Auto and Nio have also emerged.įor now, the markets are optimistic of Rivian’s chances, and its talk of a sustainable future. Rivian will face competition from Tesla as well as incumbent automakers like VW, Ford and GM, which are investing more in electric vehicles. Amazon can walk away from the deal at anytime, if it wants. Rivian has said it plans to deliver approximately 10 electric vehicles to Amazon this year. “I hope they’re able to achieve high production & breakeven cash flow,” Tesla CEO Elon Musk tweeted Thursday. Even so, Rivian will need to prove itself, including that it can mass produce vehicles economically. It’s also been helped by Amazon’s order of 100,000 electric delivery vehicles for its growing logistics business. Rivian has said it has pre-orders for more than 55,000 of its consumer vehicles. Rivian’s consumer vehicles will both have more than 300 miles of range. Batteries have improved since, and new Teslas today come with a minimum of 267 miles of range. Tesla said of the Model S ahead of its IPO, that some of the sedans would have as little as 160 miles of range on a single charge. Technology developments since Tesla’s IPO have also helped boost Rivian’s prospects.

Rivian had more than 9,100 employees as of October 31. Tesla had about 500 employees at the time of its IPO. Securities and Exchange Commission, didn’t even mention the word “trillion.” The word “billion” appears only twice.Ĭompare that with Rivian, which claims in its S-1 that the market it can serve in the next three years is worth $1 trillion, and its long-term market is worth $9 trillion. Tesla’s S-1, the IPO paperwork that companies file with the U.S. Tesla raised $226 million in its IPO, whereas Rivian raised an estimated $11.9 billion. There were no assurances that the Model S would be a commercial success, Tesla said at the time. It had sold fewer than 1,000 Roadsters, its sportscar, and was planning the Model S sedan, for which it had received about 2,000 reservations. That’s a far cry from when Tesla, the original electric car disruptor of the auto industry, went through its own IPO in 2010, at a valuation of about $1.6 billion. Tesla’s stock made a historic run in 2020 and the company is now valued at more than $1 trillion. Companies like Uber, Lyft, and Amazon, a big backer of Rivian, have talked of adopting electric vehicles. Governments have set aggressive targets for shifting to electric vehicles. Rivian’s lofty valuation highlights how interest in electric vehicle-focused companies has exploded since the start of the pandemic. The Rivian R1T starts the electric pickup races

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