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Thursday, December 2, 2021

Rivian IPO: Amazon’s favorite electric car company is now worth more than Ford or General Motors

Rivian goes public on Wednesday, Marks the largest IPO It has been listed in the United States since 2014. The electric pickup and SUV manufacturer priced its shares at $78 per share, raising approximately $12 billion. The company plans to use the funds to increase production and design more models.Although this price makes Rivian’s valuation reach around US$70 billion, the market value of the automaker has soared to $90 billionAfter the stock started trading at a price close to US$107 per share on the first day of listing.

Rivian Archive Initial public offering Come back in augustThis 12-year-old company is backed by Amazon and is considered one of Tesla’s biggest threats. It has now become one of the most valuable automakers in the world. Billions more than Ford or General Motors — Although as of October, it has delivered only 156 cars. Rivian’s first car, a $73,000 pickup truck, will be shipped in September, and the second model, a seven-seater SUV worth $75,500, is expected to be released next year.

Rivian’s timing is good in some respects. This summer, President Joe Biden issued an executive order requiring electric vehicles to account for half of all new car sales in the United States. By 2030, And more and more traditional car manufacturers have promised to transform their production methods To electric cars In the next two decades.

But as the world continues to fight the pandemic, Rivian faces some serious challenges. The semiconductor shortage has caused production delays and shutdowns in the entire automotive industry.Nor that Many charging stations It is available all over the United States, making some potential electric car buyers worry about running out of juice.

Jeremy Michalek, a professor of engineering and public policy at Carnegie Mellon University, told Recode in August: “There is more public infrastructure available, which is a big deal.” “Perhaps the first task is to ensure that highway rest stops are fast enough. Charger so you can take the vehicle wherever you want.”

Like Tesla, Rivian is Seller’s charger with Establish a nationwide charging networkThe company plans to have 10,000 sites by the end of 2023, many of which will be located in remote areas. Likewise, as Tesla has done, Rivian is taking an artificial intelligence-focused approach to its vehicles. Rivian invests heavily in its hands-free, semi-autonomous driving technology A set of functions called Driver+, Which sounds a lot like Tesla’s Autopilot.In the lawsuit, Tesla even accused Rivian of stealing its trade secrets Hire former employees.

But one big difference between Rivian and Tesla is the type of electric vehicles sold by the two companies. Rivian was founded in 2009 and has remained mysterious for many years. In 2018, it was announced that its first models will be pickups and SUVs. Off-road drivingThis is significantly different from Tesla, which mainly focuses on selling cars and crossovers. (Tesla announced its first pickup truck Cybertruck in 2019, but deliveries have been Postponed to 2022.)

Rivian has also attracted commercial customers, including its influential supporters.After participating in two rounds of funding for this startup, Amazon last year Commit to purchase 100,000 electric delivery vehicles From Rivian to 2030.Former Amazon CEO Jeff Bezos and three other passengers on Blue Origin’s first manned flight Ride in a Rivian SUV To the launch site.

Ford has its own plan to launch an electric version of its popular F-150 pickup truck next year. It has also invested more than Billion dollars Enter the start-up phase of electric vehicles.

The tricky timing of Rivian’s IPO

There is no doubt that Biden is passionate about electric vehicles.The Biden government has begun electrification The entire fleet of federal cars, SUVs and trucks, More than 600,000 cars.At the same time, the White House and Congressional Democrats are pushing for postal services Purchase up to 165,000 electric delivery trucks. this The latest version of Biden’s bipartisan infrastructure proposal includes $7.5 billion for the establishment of a national electric vehicle charger network. (Tesla CEO Elon Musk has also here we go Open Tesla Super Charging Station Electric cars of other manufacturers.)

However, despite the increasing popularity of electric vehicles globally, the growth rate in the United States is slower than in China or Europe.Global electric vehicle sales last year An increase of 41%, According to the International Energy Agency, an intergovernmental energy policy advisory organization.U.S. sales of electric vehicles lag behind China and Europe, but sales of hybrid vehicles Growing, Which shows that more and more consumers may like electric cars.

in a The most recent Pew survey, About 7% of Americans said they own an electric or hybrid car, and 39% said they would consider buying one.Electric cars are more expensive Certainly a contributing factor The slower adoption rate in the United States.But its price Battery,They are The most expensive part The number of electric cars is declining, so Americans can see cheaper electric cars in the future.

The obstacles of the pandemic era also plague the auto industry. Rivian, which was originally scheduled to release the pickup truck in July, delayed the delivery of the vehicle twice. At the end of last month, Rivian founder and CEO RJ Scaringe Tell customers who have booked a car Covid-19 has disrupted everything from “facility construction and equipment installation to the supply of vehicle parts (especially semiconductors).” The same chip shortage forced Tesla to rewrite the code for its vehicles. Experts worry that the lack of semiconductors may delay the production of the new electric Ford F-150.

Nonetheless, if Tesla’s great success shows any signs, Rivian will find outdoor customers who are eager for off-road electric vehicles. Considering the current challenges, the company is trying to distinguish itself from Tesla and more and more traditional automakers, who hope to get a share of the electric vehicle market.GM will start delivering an electric version of its GMC Hummer truck before then End of the year. Jeep is expected An electric version of its Wrangler will be released by 2023.President Biden Already test drive.

Update, 2:15pm on November 10th: This article has been updated to include Rivian’s listing.

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