Rivian’s Fight to Lead the Electric Vehicle Revolution
- After the blockbuster IPO, Rivian’s shares are back on the ground.
- The startup is now under more scrutiny because it is a public company.
- Rivian will launch three new vehicles this fiscal year.
Rivian jumped to the top in a crowded group of electric-vehicle startups seeking to emulate Tesla’s success with a huge IPO in 2021. Rivian now faces a host of challenges, including production ramp-up and shareholder lawsuits. Investor enthusiasm has cooled, and Rivian is determined to prove its worth as a long-term participant in the industry.
Rivian closed at $100.73 a Share on November 1, its first day of trading, well above its $78 IPO cost. The startup was valued at $86 billion, more than Ford or General Motors.
Since this white-hot run, Rivian’s shares have returned to Earth — trading some $60 lower than its IPO price in the fall — as the company meets some of its biggest challenges yet. Rivian’s attempt to produce two electric trucks and a van for delivery this year has been a major obstacle.
Below you will find more information about Rivian’s leadership as well as the early days of EV startup becoming a public company.
Executive turnover has rocked the company
Rivian has seen its C-suite evolve over the years and the company is now more like a tech startup than a traditional auto company. Rod Copes, the Chief Operating Officer of Rivian, was the most prominent departure. He retired during Rivian’s initial production ramp up.
Rivian raised prices for its vehicles last month. This upset both investors and consumers. A number of class-action shareholder lawsuits were filed against Rivian, alleging that the company artificially inflated its share price and misled investors about the value of their vehicles before Rivian IPO.
As Rivian ramps up production of its three flagship vehicles — a pickup truck, an SUV, and an Amazon delivery van — the startup has had to navigate some hiccups along the way. The startup has faced many challenges in 2022, including supply-chain issues, learning how to sell cars directly and morale problems. The startup is trying to reach its production goal of 25.000 vehicles for the year.
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