Ethanol-powered Rivian Automotive IPO

Rivian Automotive , the electric carmaker founded by former Tesla Motors executive Jerome Guillen, will start trading on the Nasdaq today after an initial public offering valued the company at more than $68 billion….

Ethanol-powered Rivian Automotive IPO

Rivian Automotive , the electric carmaker founded by former Tesla Motors executive Jerome Guillen, will start trading on the Nasdaq today after an initial public offering valued the company at more than $68 billion.

Just five months after SEC filing, the Rivian has officially crossed the billion-dollar mark. Rivian filed its IPO in August with an expected value of $250 million to $500 million, and the volume was upsized to $1.3 billion in October.

The Rivian has a clean sheet of paper in terms of design, with the company citing safety as its first mission. Rivian built on its fresh approach to safety in December when it acquired TL Motor , a part of the Topco vehicle group from ACTA AG. Topco’s claims of safety superiority include its “one and only lock cable” in mass production.

Rivian was founded in 2015 and acquired by Guillen in 2016. It makes its own electric cars including, but not limited to, the Rivier, Riviera, Rivier GLX and Rivier compact sedan. But not just one electric car — it currently plans to roll out more than 20 models.

Rivian’s IPO comes after far more dramatic announcements that the carmaker will launch on June 15, when it releases its latest vehicle, the Rivier Riv. The car boasts a $60,000 price tag — similar to the price tag for a Camry hybrid — and will put the electric carmaker in closer competition with Tesla.

The Rivier Riv will be released in 12 markets — although not exactly the same ones to make an I.P.O. look good. Rivian is launching the vehicle in California, Tennessee, Maryland, Oregon, Rhode Island, Massachusetts, New York, Florida, Georgia, Texas and Ohio, the company said. It will also launch on the American East Coast — notably in Maryland and Rhode Island — later in the year. And the price varies from state to state.

Despite Rivian’s growing importance, the company’s founders have steered clear of competitors and going the traditional Silicon Valley route. Rather, the company is betting on its American roots, by bringing manufacturing stateside to the Rivier Riv. By September, Rivian says, three quarters of its production will be in the U.S.

The Rivier Riv boasts a range of about 200 miles on a charge. The cargo’s range is less than 90 miles but the Rivier Riv has a much greater range as it has the added capabilities of a top-loading tall back seat, a similar to the long list of examples you can find in the company’s own dealership. This is added, Rivian says, to a suite of features, which includes an integrated flatbed pickup, which elevates the car to the level of a lawnmower.

There are a number of other unique features in the Rivier Riv, including the center console, which is lever-loaded and is split up over two diagonal sections.

Pricing for the Rivier Riv starts at $60,000 and goes to $90,000, which the company says is the sticker price, without any options. It goes up to $120,000 if you buy the hybrid version. A Rivier will take about six hours to charge.

Leave a Comment