Rivian Reaches for the Stars
Having gone public for just a week, the all-electric truck maker known as Rivian has become the third most valuable automobile company in the world. How did this happen? It’s all about the price of shares. The 12-year-old startup has no real revenue at this point, but its share price has more than doubled in a mere days, causing the company’s value to soar to over $140 billion, placing it ahead of Volkswagen at $139 billion. Rivian is now in third place behind industry giant Toyota at $306 billion, and over-valued Tesla at $1 trillion!
Rivian has begun to deliver its first truck model, the R1T, with over 1,000 units in customers’ hands by the end of 2021. As of this writing, most of the R1T vehicles have been delivered to Rivian employees. During December, the company is also delivering its R1S SUV and a small number of EDV delivery vans to Amazon. The company has over 55,400 pre-orders for its R1T and R1S and hopes to fill those orders by the end of 2023. Its plant in central Illinois is said to be capable of producing up to 150,000 vehicles per year.
Having attracted major funding from Amazon and Ford, the EV truck company is no longer just EV hype. Investors who missed out on the Tesla gravy train are rushing to buy stock in Rivian. Plus, let’s not forget that America does love its pickup trucks. The top three most popular vehicles in the U.S. continue to be the Ford F-150, the Chevy Silverado, and the Dodge Ram. That bodes well for the world’s new third place automaker and it high-tech trucks.
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