5 methods newly public EV startup Rivian compares with Tesla, Auto Information, Automobilnews
Rivian Automotive Inc made its Nasdaq debut on Wednesday after elevating almost $12 billion in an upsized supply that made it one of many largest ever preliminary public choices.Like different electrical car startups, Rivian goals to trip the rising demand for zero-emission autos to a place that rivals market chief Tesla Inc.
Whereas additional again on the expansion curve than Tesla and its Chief Govt Officer Elon Musk, listed here are 5 areas the place the Irvine, California-based Rivian and CEO R.J. Scaringe evaluate with the EV market chief.
Tesla, based in 2003, is essentially the most invaluable carmaker on this planet, however its inventory declined not too long ago after Musk polled Twitter customers about promoting 10% of his stake within the firm. Regardless of briefly falling out of the $1 trillion market-value membership on Wednesday, Tesla rallied and its market cap now stands at $1.05 trillion.Rivian, based in 2009, made its Nasdaq market debut on Wednesday after its blockbuster IPO and initially was buying and selling with a market capitalization of almost $100 billion. That makes it the second most beneficial U.S. automaker, forward of Normal Motors Co at about $87 billion, Ford Motor Co at about $79 billion, and Lucid Group at about $70 billion.
Tesla delivered greater than 600,000 autos from January to September this 12 months. As soon as two extra factories beneath building open later this 12 months, gross sales will rise additional. Tesla’s income within the third quarter rose 57% to $13.76 billion from a 12 months earlier.
Rivian simply began promoting its first car, the R1T pickup truck.
Tesla has meeting vegetation in Fremont, California and close to Shanghai and is constructing factories in Austin, Texas, and Berlin. On the finish of final 12 months, Tesla employed virtually 71,000 individuals globally.
The 2 current vegetation may have annual manufacturing capability of 1 million autos by the tip of 2022, and that can double as soon as two extra vegetation open, in response to estimates by Wedbush.Rivian has an meeting plant in Regular, Illinois that may construct 150,000 autos a 12 months and can increase to 200,000 by 2023. It has mentioned it would construct a second U.S. plant and finally plans so as to add factories in China and Europe. Rivian at present employs 9,500 individuals.
Rivian’s Scaringe advised Reuters the corporate is aiming to construct not less than a million autos a 12 months by the tip of the last decade.
TYPES OF VEHICLES
Tesla’s Mannequin 3 sedan is the best-selling electrical automobile on this planet. It additionally affords the Mannequin S sedan, Mannequin X SUV and Mannequin Y crossover. It plans to finally supply the Cybertruck electrical pickup, a second-generation roadster and a Class 8 semi-trailer truck.
Rivian at present builds the R1T pickup in Illinois and can quickly add the R1S SUV in addition to a supply van for its largest shareholder Amazon.com. It has mentioned different autos off the R1 platform can be added by 2023, together with lower-priced fashions in response to Scaringe. It additionally plans so as to add different industrial autos on prime of the Amazon van, he mentioned.
Tesla has taken extra of a go-it-alone route, vertically integrating manufacturing of battery cells and design of self-driving chips.
Rivian has a deal to offer Amazon, which has a 20% stake within the startup, with 100,000 vans by 2025. As well as, Ford, one other giant stakeholder, has repeatedly mentioned its funding in Rivian is strategic, despite the fact that it beforehand canceled the Lincoln SUV that may have been constructed on a Rivian platform. Rivian additionally intends to vertically combine manufacturing of battery cells.