Saturday, September 23, 2023

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

RJ Scaringe

Mike Blake/Reuters

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.

Continue reading:

Turnover at the top for Rivian could complicate crucial production launches.

Rivian, Tesla, and other EV players are locked in a war for talent. Here’s how to land a job by acing the interview, according to top recruiters.

Rivian missed its 2021 vehicle production target by 15%

Shareholder scrutiny

Rivian IPO Nasdaq EV electric vehicles cars

Rivian made a meteoric rise on Wednesday, when it made its debut on the Nasdaq.

Michael M. Santiago/Getty Images

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.

Continue reading:

Rivian faces multiple shareholder suits claiming it misled investors pre-IPO

Rivian backtracks on $12,000+ price hikes after outrage from preorder holders

Rivian’s clutch deal with Amazon could come back to bite the startup after its IPO

Growing pains

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.

Continue reading:

Experts share their takeaways from 3rd-quarter woes at Rivian

Insiders say morale ‘sucks’ at electric-vehicle startups like Rivian

Investors are giving up on the ‘next Tesla’ as startups like Rivian

The direct-to-consumer sales model Rivian touts as a key unlock could hamstring them in booking revenue

Are you a current or past Rivian employee? Do you have news tips or opinions you would like to share with the world? Contact this reporter at nnaughton@insider.comA non-work device.

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