But to play with the big boys, you have to show wider investor interest, which is why Rivian is trying to get on the stock exchange. The company first filed paperwork to go public in August, aiming for a valuation of about $70 billion, but it was rejected.
This time, the company has lowered its aim by $20 billion, hoping to sell 135 million Class A common shares to raise up to $8.4 billion. Shares will be priced between $57 and $62 each.
Rivian’s pursuit for an I.P.O.
Rivian’s first attempt at an initial public offering (I.P.O.) was published before the automaker managed to deliver its first vehicle. That might be why its estimated valuation was considered too high.
But since then, a few things have gone Rivian’s way. The R1T, Rivian’s electric pickup truck, reached customers’ driveways in October, beating industry mainstays like Ford, General Motors, and Tesla to the punch.
Support from a company like that with nearly bottomless pockets is sure to help Rivian weather all kinds of storms that could easily take out a new automaker.
Rivian’s future electric truck competition
Tesla’s first Roadster hit the road in 2008, electric cars have become more common and more reliable. At the same time, governments from across the world have gotten behind the transition off of fossil fuels. The EV revolution is here.
But the powertrain transition did not physically reach the pickup truck market until the fall of 2021 when Rivian released its first vehicle, the R1T. Designed to accommodate an outdoor lifestyle, the R1T boasts a 300-mile range, 800 hp, and an adjustable clearance height.
The R1T might be the first
electric truckon the market, but it won’t be alone for long. Tesla’s Cybertruck, Ford’s F-150 Lightning, and GM’s Hummer EV are all expected to come out in 2022.
The cost of owning a Rivian R1T
Owning an R1T isn’t cheap. On top of the starting price tag of just under $70,000, a wall charger will cost $500 at minimum, plus installation. Insurance will likely be more than you’re used to as well since premiums tend to be higher for pickup trucks and EVs.
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