Rivian had stated it expects to start out delivering its truck, the R1T, in September and its S.U.V., the R1S, later this yr. The most affordable mannequin of the truck prices $67,500 and the S.U.V. $70,000. Within the submitting, the corporate stated that, as of Sept. 30, it had roughly 48,390 orders for its truck and S.U.V. in america and Canada from clients who every paid a cancelable and refundable deposit of $1,000.
The Rivian fashions are a part of a wave of electrical autos coming into the market to problem Tesla. Earlier this yr, Ford Motor started promoting an electrical sport utility car, the Mustang Mach-E, whereas Volkswagen rolled out an electrical S.U.V. of its personal, the ID.4. Ford is poised so as to add an electrical model of its common F-150 pickup truck subsequent yr. The F-150 is a piece truck and wouldn’t compete instantly with Rivian’s truck, which is marketed extra as a leisure car.
One other firm, Lucid Motors, headed by a former Tesla government, Peter Rawlinson, is near beginning deliveries of a luxurious sedan, the Lucid Air, that’s able to touring as much as 520 miles on a single cost of its battery pack, about 100 miles farther than the longest-range mannequin from Tesla. Like Tesla’s Mannequin S and Mannequin X, the Air is geared toward rich patrons, costing $169,000 earlier than federal and state incentives.
Lucid is valued at practically $40 billion on the inventory market.
Extra E.V.s are set to observe. Common Motors is getting ready to start out promoting the battery-powered GMC Hummer and Cadillac Lyriq S.U.V.s, and it’s also engaged on an electrical pickup truck of its personal. Mercedes-Benz, BMW, Hyundai and different automakers are additionally including new E.V.s to the fray.
Success for Rivian could possibly be an enduring enhance to the financial system across the firm’s important manufacturing facility in Regular, Ailing. The corporate employs 2,500 employees there, and expects to finally double the pinnacle depend.
By doing a standard I.P.O., Rivian has chosen a distinct route onto the inventory market than Lucid, Nikola and Lordstown, which all grew to become public firms by merging with a particular function acquisition firm, or SPAC, that was already on the inventory market. Many SPACs have been arrange for the reason that begin of final yr, however critics say the offers provide small buyers fewer protections than a standard I.P.O.