Rivian

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 78,000; R1T has a range of 289–352 miles depending on drivetrain and a payload of 11,000 lbs with a base price of USD 73,500. Rivian started R1T deliveries in September 2021 and R1S in December 2021. In October 2023, R1S with a “Max Pack” battery was launched offering a range of 400 miles. The R1T with the Max Pack has a range of 410 miles. 

In March 2024 , the company launched R2, a midsize electric SUV, and R3, a midsize crossover. The latter also comes in a performance variant known as R3X. The R2 opened reservations, with deliveries expected to begin in the first half of 2026. The R3 and R3X deliveries will begin after the R2.

Rivian operates a 150,000 unit-manufacturing facility in Normal, Illinois with an annual production capacity of 215,000 units. The company intends to begin manufacturing its R2 EV at the facility in 2026. 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. 

The company also planned to invest around USD 5 billion in a new 400,000-unit factory in Atlanta, Georgia. However, in March 2024 , Rivian reported plans to indefinitely pause the project as it looks to cut costs following layoffs that took place in February 2024.

 In March 2024 , Rivian reported plans to expand access to its EV charger network to non-Rivian EVs in 2H 2024.

  Key customers and partnerships

In September 2019, Rivian collaborated with Amazon to develop an electric delivery van (EDV). As part of this, 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.

In June 2023 , Rivian, partnered with Tesla to provide its customers with access to Tesla’s “Supercharger” charging network in the US and Canada, starting in 2024. During the same month, the company acquired Iternio , a Sweden-based developer of EV route planning apps, with plans to integrate Iternio’s technology into Rivian’s electric pickups and sport utility vehicles. In December 2023, Rivian partnered with AT&T, where the latter agreed to pilot Rivian’s EVs in its fleet from 2024 onwards and became the exclusive connectivity provider for all Rivian vehicles in the US and Canada. 

In March 2024, the company partnered with JBPCO to integrate Rivian’s chassis with Morgan Olson's C250e. In April 2024, Rivian formed a global partnership with MEVCO (Mining Electric Vehicle Company) to provide EVs for mining, mining services, and mining equipment industries.

Funding and financials

Rivian’s latest funding was in May 2024, when the company received a USD 827 million incentive package from the State of Illinois Department of Commerce & Economic Opportunity. The company intended to use the funds to expand operations at its manufacturing plant in Normal, Illinois. Prior to this, in October 2023 , Rivian generated USD 1.5 billion through the issuance of green convertible senior notes due 2030. The company intended to use the earnings from the note issuance to finance and invest in new or recently completed projects. In March 2023, the company announced plans to raise USD 1.3 billion through the sale of green convertible notes. The company intended to use these funds to develop and launch its R2 EVs, which are expected to be ready by 2026.

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. 

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. The company generated USD 4.4 billion in revenue and had an operating profit of USD 5.7 billion in FY2023.