The car industry continues to evolve and develop into a more complex and competitive industry. There’s no question about it: Electric vehicles are the future. Electric vehicles are better for the environment, they make less noise and chemical pollution and do not require the same outrageous levels of fossil fuels to be burned. When you hear the term “electric vehicle” or “EV,” I assume that everyone’s mind instantly thinks of Tesla and Elon Musk. Tesla is a big name in the EV industry. However, there are a few others you need to keep in mind: Ford, Toyota and Hummer. In fact, the first fully electric truck is on the market now, and it is being made by… Rivian?
Rivian is a newer electric vehicle manufacturer. It was established in 2009 and has managed to produce the first fully electric truck available to consumers, beating the Cybertruck and the long awaited electric Hummer to the market. It seems that the earliest a competitor will have an electric truck ready for Spring of 2022, if everything goes perfectly for Ford.
The R1T is Rivians first truck, which offers three different models. There is a Launch, Adventure, and Explore package. Explore is the basic set package. Adventure and Launch have increased features, but that comes with a higher cost. The R1T’s starting price will be $67,500 for the base model. All trucks have a range of 314 miles with a full charge, which is much less than a typical gas guzzling truck; however, the cost for 314 miles is substantially cheaper for electric vehicles compared to gas. They also have four motors, one for each wheel, meaning it has a 4-wheel-drive system. R1T has top of the line safety features, a panoramic roof for passengers to see the sky, Wifi capabilities, built in outlets and a “gear tunnel” where a camp kitchen can be pulled out. There is drive assistance technology that helps control speed, steer and switch lanes. It has the ability to tow up to 11,000 pounds and can drive through 3 feet of water. The R1T is able to do anything and everything that gas trucks can, while helping the environment at the same time.
With where Rivian is at right now, the development of their new electric truck over the next few quarters could be the most vital they have ever faced. Rivian recently started selling their trucks and are slowly starting to ship them out to customers. Additionally, they announced that they are going to declare an IPO (Initial Public Offering). The IPO was declared in October and the plan is for Rivian to go public in the beginning of November. They are being valued above $60 billion and are expected to sell shares at a price between $57 to $62. Rivian is trying to raise over $8 billion, which would make this the 3rd largest IPO in the past decade, only behind Alibaba and Facebook. Their numbers may seem high to some, but Rivian has some top companies invested and backing them, such as Amazon and Ford. In fact, Amazon owns 20%, and has some heavy involvement in the company.
The world is trying to go green and become more sustainable. I am a strong believer that EV’s will have an incredibly beneficial impact on the environment. Rivian has a chance to make a name for themselves with their electric truck, R1T. They are miles ahead of their competition considering they already have an electric truck on the market. Rivian is offering an environmentally friendly truck that could forever disrupt the automotive industry. I look forward to observing their IPO and future as a company.