“EVs are inevitable, and it’s a good thing for the markets to have another credible EV competitor come public,” Roth said. “Rivian’s IPO marks a point of incremental maturation for the industry and shows that billions in capital is available for credible players.”
Rivian has a contract with Amazon to build 100,000 electric delivery vans at its factory, a former Mitsubishi plant in Normal, Illinois. Ford Motor Co. holds a 13% stake and has said the companies would work jointly to develop electric vehicles.
As of Oct. 31, Rivian had about 55,400 vehicle preorders in the U.S. and Canada. Those orders are placed with a $1,000 deposit that can be canceled and refunded.
Rivian rolled out its first vehicle, the R1T electric truck in September and will launch its electric SUV, the R1S, in December. Prices for the truck start at $67,500, while the SUV base package starts at $75,500 and gets even steeper with all the add-ons.
Options for the vehicles include a $10,000 battery upgrade that will extend the driving range from 314 miles (505 kilometers) to more than 400 miles (643 kilometers). A three-person roof-mounted tent adds $2,650 to the bill and an off-road recovery kit will cost an additional $600.
The company said it aims to produce about 1,200 R1Ts and 25 R1Ss and deliver around 1,000 R1Ts and 15 R1Ss by the end of 2021.
