What is Rivian Automotive?
Robert “R.J.” Scaringe developed Rivian Automotive, which is quickly gaining ground on renowned electric vehicle manufacturer Tesla Inc. (TSLA). The privately-held manufacturer of high-end electric pickup trucks and sport utility vehicles (SUVs) is mostly unknown outside of the automotive industry and has not yet made a sale. According to sources at the time, the business filed in secret for an IPO on August 27, 2021, valuing the manufacturer of electric vehicles at over $80 billion. According to Bloomberg at the time, Rivian thought its initial public offering (IPO) would happen as early as mid-November.
The 300-mile range of the $50,000 dual-motor Cybertuck is impressive. Just 14 miles less than Rivian’s dual-motor, large battery truck, which has a starting price of $73,500. The tri-motor, $70,000 Tesla Cybertruck roughly doubles Rivian’s range in the standard R1T at the same price with 500 miles of range.
Rivian confirms it’s on track to build 25,000 electric vehicles this year
At its factory in Normal, Illinois, Rivian reported on Wednesday that it built 4,401 electric vehicles for the three months that ended on June 30 and delivered 4,467 of them. These numbers continue to meet the firm’s objectives, and the company feels it is on pace to meet the previously stated production target of 25,000 units annually, according to a statement from Rivian.
Rivian built 2,553 automobiles and delivered 1,227 in the first quarter of 2022. The Rivian R1T pickup truck, R1S SUV, and the EDV commercial electric vans it is producing for Amazon are all included in that. According to the statistics, Rivian defied the trend established by Tesla and other EV manufacturers during the first half of the year. Tesla announced on Saturday that its quarterly deliveries decreased for the first time in two years. In comparison to the 310,048 deliveries announced for the first quarter of the year, Tesla claimed it delivered 254,695 electric vehicles globally in the second quarter, a decrease of about 18%. The carmaker said that its expansion has been slowed by supply chain issues and the shutdown of its China Gigafactory due to COVID-19.
In contrast to its initial aim to construct 20,000 vehicles, Lucid has reduced its production projection for 2022 to 12,000 to 14,000 units. Rivian, which debuted as one of the biggest IPOs in U.S. history late last year, stated in May that it had set a goal to eventually control more than 10% of the worldwide market. This summer, the automaker’s first goal is to add a second shift to its Normal facility to increase output. It also intends to start construction on a $5 billion factory in Georgia, which gave the manufacturer the $1.5 billion incentive package that was the state’s largest ever.
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