Another electric vehicle manufacturer, Rivian Automotive, has been building a name for itself in the same vein as Tesla but with a distinctive twist.
Rivian, a company that was founded in 2009, specialises in high-end electric trucks and SUVs with a focus on outdoor exploration. They are referred to as the “Patagonia of electric automobiles” by John Rosevear of CNBC.
At the end of the previous year, Rivian unveiled the R1T electric truck, its first automobile. It has been trying to increase manufacturing, and later this year it hopes to begin shipping the R1S, an SUV based on the same chassis.
To get here, it has been a long and tough journey. However, Rivian has received significant support, including $700 million in 2019 from Amazon and $500 million in 2020 from Ford. At first, Rivian and Ford wanted to create a vehicle together, but they ultimately abandoned those ideas.
The collaboration with Amazon is still proceeding, though. After making the investment, Amazon announced that as part of its plan to electrify its last-mile network by 2040, it will buy 100,000 specially developed electric delivery trucks.
In November 2021, Rivian made one of the biggest initial public offerings (IPOs) in American history. However, the unstable economy has overshadowed its phenomenal achievement. The stock suffered a severe loss as a result of the market’s reaction to inflation and recessionary fears. But some people are convinced the EV manufacturer can weather the storm now that the Amazon agreement is confirmed.
According to Mike Ramsey, an auto and smart mobility expert at Gartner, “Amazon invested in them…but more crucially, established a commitment to buy all of those vehicles from them, changing the market dynamic surrounding that company.”
Rivian and Amazon unveiled the first of the electric vans last month. Several cities, including Seattle, Baltimore, Chicago, and Phoenix, are already offering package delivery.