Rivian develops both passenger and commercial EVs. The company’s portfolio includes an electric SUV (R1S) and an electric pickup truck (R1T). R1S has a range of 316 miles and is offered at a base price of USD 72,500; R1T has a range of 314 miles and a payload of 11,000 lbs with a base price of USD 67,500. A 400+ mile-range R1T with a larger battery pack was also in the pipeline as of February 2022. Rivian started R1T deliveries in September 2021 and R1S in December 2021.
Rivian also collaborated with Amazon to develop an electric delivery van (EDV). Amazon ordered 100,000 EDV units globally to be delivered by 2030, with Amazon having exclusive rights to the vehicle for the first four years. The initial rollout began in July 2022 in over a dozen cities and is expected to spread to over 100 cities by the end of the year. EDVs supplied to Amazon will be complemented by FleetOS, Rivian’s proprietary fleet management platform with a recurring monthly subscription fee.
Rivian also announced a collaboration with Mercedes-Benz Vans in September 2022 to manufacture electric vans in Europe. However, in December 2022 , Rivian announced that the JV will be paused and that the company will instead focus on its customers and existing commercial business in an effort to become cash flow positive in its US operations.
As of February 2022, Rivian operated a 150,000 unit-manufacturing facility in Normal, Illinois, with a proposed 50,000 unit expansion. The company also planned to invest around USD 5 billion in a new 400,000 unit factory in Atlanta, Georgia, expected to come online in 2024. In April 2023 , Rivian announced plans to invest USD 10 million to establish a remanufacturing facility in Kentucky which will focus on remanufacturing critical components such as electrical hardware, drive units, and battery systems.
In May 2022, Rivian received a USD 1.5 billion incentive package in state and local incentives and tax credits for its new vehicle assembly facility in Georgia. Following this, in March 2023, the company announced plans to raise USD 1.3 billion through the sale of green convertible notes. The company intends to use these funds to develop and launch its R2 EVs, which are expected to be ready by 2026.
Rivian was listed on NASDAQ in November 2021. The company raised USD 12 billion at the IPO—the largest by a pure-play EV company. For the year ended December 2022 , Rivian reported revenue of USD 1.7 billion, compared to the revenue of USD 55 million in 2021 and delivered 20,332 vehicles. In 2023, the company aims to produce 50,000 EVs, have an adjusted EBITDA of USD 4.3 billion for the year, and have capital expenditures of USD 2.0 billion.
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