Unless you’ve been living under a rock, you’ve probably heard news of the hot new electric vehicle startup: Rivian. The American company’s “R1T” offroad-ready electric pickup truck captured the spotlight last year. But the automaker has enough projects in the works that 2023 is shaping up to be even more full of exciting Rivian news.
Big news: The Rivian R1T was the first electric pickup truck to market
Of all the startups with electric pickup truck prototypes, the R1T was the first electric truck to market when it made its first customer deliveries in October 2022. In December 2021, Rivian made news again when it delivered its first SUV version of the same chassis: the R1S.
Equally exciting was Amazon’s commitment to order many of its new electric delivery vans from Rivian. Jeff Bezos was so impressed with early prototypes that he purchased a 22% stake in Rivian.
In 2021, Rivian even leveraged the buzz surrounding its new electric vehicles into a legendary IPO. It set its valuation cap at $80 billion. But by the end of its first day of trading, it had reached $100 billion.
2023 looks like a big year for Rivian
Rivian is not slowing down in 2023. It has already delivered its first delivery vans to Amazon. The Sprinter-sized EVs are called the Rivian Amazon electric delivery vehicle (EDV). The first models were such a hit that Amazon has ordered 100,000 in total.
The Rivian company has also set its sights on foreign markets. In Septmber 2022, Rivian and Mercedes-Benz made the news when they signed a memorandum of understanding agreeing to a joint factory. The automakers hope to open an all-new plant in Europe where they can build unique electric delivery vans side-by-side.
A joint venture combining Rivian’s engineering with Mercedes-Benz manufacturing experience seems like a win-win. It might even arm Rivian with knowledge it can apply to its U.S. operations.
Finally, Rivian announced plans to build a network of exclusive chargers across the U.S. and Canada to news outlets. It is targeting 3,500 fast chargers by the end of 2023. If any one of Rivian’s new ventures is a success, 2023 will be a transformational year for the new company.
Rivian’s stock price tumble hit the news
A dip in the value of Rivian’s stocks is making recent news headlines. During the first week of December 2022, The Motley Fool reported Rivian had dropped 4%.
The truth is that Rivian’s $100 billion valuation after its IPO probably said more about investors’ lack of confidence in the Detroit Three than about Rivian. For comparison’s sake: Ford, with its multiple recognizable nameplates and factories worldwide, is currently valued at about $145 billion.
By April of 2022, Rivian’s stock price had fallen enough that its value settled to a more realistic $29 billion. If you were an early investor, this is bad news. But if you are just curious about the future of this electric startup, perhaps focus more on all the exciting projects currently popping off for Rivian.
Next, see how the rewritten 2023 EV tax credit may change the industry or watch CNBC’s dive into how recalls are plaguing Rivian in the video below: