Electric vehicle hype is nothing new — many analysts, and even Tesla’s own founder Elon Musk, have argued that its Tesla’s valuation is overinflated. But its stock keeps climbing as Wall Street envisions a future in which all-electric vehicles are the norm. Under President Joe Biden’s $1.2 trillion infrastructure plan, signed into law Monday, about $7.5 billion is being set aside to build a nationwide network of plug-in electric vehicle chargers.
Investors who may have missed out on Tesla a decade ago aren’t keen to miss out on another hot EV pioneer.
Rivian also boasts a potential edge over Tesla in the US market, in part because it’s angling for the non-Tesla, or even anti-Tesla, crowd.
Rivian’s primary product is not just any EV — it’s a pickup truck. That’s important in the US market, given that the top three most popular vehicles in the US are the Ford F-150, the Chevy Silverado and the Ram, in that order, according to Edmunds research.
Rivian builds an electric sport utility vehicle (SUV) and pickup truck on a “skateboard” platform that can support future vehicles or be adopted by other companies.
The company plans to build an exclusive charging network in the United States and Canada.
Rivian is based in Irvine, California with its manufacturing plant in Normal, Illinois, and other facilities in Palo Alto, California; Carson, California; Plymouth, Michigan; Vancouver, British Columbia, and Woking, England.