Rivian

Beginnings (2009)

The company was founded in Rockledge, Florida[13] in 2009 as Mainstream Motors by Robert "RJ" Scaringe.[14] After being renamed as Avera Automotive[15] or Avera Motors, and finally Rivian Automotive in 2011 (a word play on the Indian River in Florida, where Scaringe grew up),[16] the company began focusing on autonomous and electric vehicles.[17]

Rivian's first car model was intended to be a sports car. This vehicle, dubbed the R1, was prototyped as a mid-engine hybrid coupe for the U.S. market, designed by Peter Stevens.[18] However, it was shelved in late 2011 as Rivian looked to restart its business in an effort to have a larger impact on the automotive industry.[19]

Rivian received a large investment and grew significantly in 2015, opening research facilities in Michigan and the San Francisco Bay Area.[20] Shortly thereafter, Rivian began working exclusively on electric autonomous vehicles, in an attempt to build a network of related products. It also began gearing its prototypes toward the "ride-sharing and driverless car markets."[21]

Setting up production (2016)

By September 2016, Rivian was negotiating to buy a manufacturing plant formerly owned by Mitsubishi Motors in Normal, Illinois.[20][22] In January 2017, Rivian acquired the plant and its manufacturing contents for $16 million, with the plant to become Rivian's primary North American manufacturing facility.[20][23] Rivian's acquisition of a near production-ready facility instead of building a new factory has been likened to Tesla's acquisition of the NUMMI plant in California.[23]

In December 2017, Rivian revealed its first two products: an electric five-passenger pickup truck and an electric seven-passenger SUV,[17] provisionally named the A1T and A1C, respectively. In November 2018, the truck and SUV were renamed the R1T and R1S, respectively, and unveiled at the LA Auto Show.[17][24][25][26] Both vehicles were described as ready for rough terrain and semi-autonomous, and the company outlined a plan for its next generation of models to be fully autonomous.[25] Production was scheduled to begin in 2020.

Rivian had 250 employees at the start of 2018.[27] By February 2019, Rivian was employing 750 people[28] across facilities in Michigan, Illinois, California, and the United Kingdom. In November 2020, Rivian employed 3,000-plus workers.[29] Over the span of another year, employment roughly tripled, and in November 2021, Rivian was listed as having 9,000-plus employees.[30]

Shipment of first models, IPO, and expansion (2021)

In late 2020, Rivian planned to begin shipments of the R1T in June 2021.[29] The June 2021 date later slipped to August. By August, vehicle shipments were delayed again, partly due to the global shortage of chips.[31] In September 2021, Rivian became the first automaker to bring a fully electric pickup to the consumer market, beating industry mainstays such as GM, Ford, and Tesla.[32] In October 2021, Rivian began delivering the R1T truck to customers.[33]

On November 10, 2021, Rivian became a public company through an IPO. 153 million shares were sold at an initial offering price of $78.00, valuing the company at $66.5 billion. The shares began trading on the Nasdaq under the ticker "RIVN". On its first trading day, the stock closed at $100.73 per share, valuing the company at just under $100 billion. On November 19, 2021, Ford and Rivian announced that the two automakers no longer plan to co-develop an electric vehicle. Ford announced the company would retain a 12 percent stake in Rivian, which reached a value of more than $10 billion after the IPO.[34] Ford sold around 90 percent of its stake in Rivian for $3 billion by the end of 2022, an increase from its $1.2 billion investment.[35] In December 2021, at the same time that Rivian began to deliver its R1S SUVs, Rivian's chief operations officer, Rod Copes, stepped down and retired from the company as it began to ramp up production of its vehicles.[36][37]

On March 1, 2022, Rivian announced price increases of 17% for the R1T and 20% for the R1S, citing a shortage of semiconductors and higher costs for other components.[38] There was immediate backlash from customers that had previously made reservations as the price hike would also affect their preorders.[39] Rivian later apologized for the retroactive price increases and stated that the original configured price would be honored for anyone with a Rivian preorder as of the March 1 pricing announcement.[40] On March 14, 2022, Rivian announced the company hired Frank Klein as its COO (chief operations officer). Klein began on June 1, 2022.[41]

In March 2022, Rivian made it to TIME's List of 100 Most Influential Companies of the year 2022.[42] On July 27, 2022, Rivian announced it would reduce its workforce by 6% in response to high inflation, rising interest rates, and an increase in parts prices.[43] In September 2022, Rivian signed an MoU with Mercedes-Benz Group to establish a joint venture to invest in and operate a factory in Europe, producing large commercial electric vans starting in a few years. The facility will have a common assembly line to produce a different design for each company.[44][45] The New York Times characterized the move as "a rare example of cooperation between a traditional carmaker and a new challenger" and noted that Mercedes' extensive experience in manufacturing may allow Rivian to overcome its own issues with it.[46] Rivian said this planned partnership would not go forward with this plan in December 2022 but stated that future collaborations may still be possible.[47] After the company received seven reports of loose torque bolts that did not result in injury, in October 2022, Rivian issued a voluntary recall of 13,000 vehicles.[48][49]

In January 2023, The Wall Street Journal reported the company experienced the departure of multiple top executives in recent months, including some that were among its longest-tenured employees, in what was referred to as a "challenging period for Rivian."[50]

On June 20, 2023, Rivian announced that it would incorporate Tesla's electric vehicle charging standard, the North American Charging System (NACS) into its R1T trucks and R1S SUVs in 2025, as well as in its upcoming R2 platform.[51][52] As early as the second quarter of 2024, Rivian owners may be able to use adapters to connect to Tesla's Supercharger network.[53]

A day after the big NACS announcement, on June 21, Rivian announced the acquisition of Iternio,[54] the Swedish mapping company known for its popular EV route-planning app, A Better Route Planner (ABRP), and integrated it into the in-car navigation system. In addition to Rivian mobile app integration, the company said it plans to maintain the standalone ABRP app.[55][56][57]

In late 2023, it was reported that Amazon's total fleet size of the EDV had reached 10,000 units.[58] In October 2023, the company also ended the exclusivity deal it had with Amazon, allowing Rivian to supply other commercial customers with its electric delivery vehicles. In December 2023 telecommunications company AT&T announced it would take delivery of the trucks from Rivian as part of a trial process for its fleet.[59]

In October 2023 Rivian announced plans to open a new Georgia manufacturing facility with an annual production capacity of 400,000 units in early 2024.[60] In March, 2026, plans for vertical construction to begin by the end of 2026 were announced for the Georgia facility at a meeting of the Joint Development Authority of Jasper, Morgan, Newton and Walton Counties.[61]

Further expansion setup and struggles, and partnership with Volkswagen (2024)

On February 21, 2024, Rivian announced it would be laying off 10% of its salaried workers beginning on February 23, 2024.[62]

In March 2024, the project to open a factory in Georgia was put on hold for financial reasons. It was started up again in November 2024 when the federal government under the Biden Administration announced a $6 billion loan for the factory.[63]

On March 7, 2024, Rivian unveiled the R2 SUV that starts from $45,000, much less than current models, and the R3, that will cost even less than the R2.[64]

On June 25, 2024, Volkswagen Group announced its intention to invest up to $5 billion in Rivian. The investment will commence with an initial $1 billion, with an additional $4 billion anticipated by 2026. This commitment includes $1 billion slated for each of 2025 and 2026, followed by an additional $2 billion in 2026 earmarked for a prospective joint venture aimed at developing electrical architecture and software technology.[65]

Rivian and Volkswagen Group officially launched a joint venture to develop next-generation software-defined vehicle platforms, combining Rivian’s software and Volkswagen’s global scale and manufacturing capabilities.[66]

It was reported on July 29, 2024, that Germany's competition authority gave green light to the form of the joint venture by two companies.[67]

In February 2025, Rivian opened up orders for their Electric Commercial Van (ECV) to businesses managing fleets.[68]

In July 2025, Rivian announced plans to establish an East Coast headquarters at the Junction Krog District building adjacent to the Eastside Beltline in Atlanta, Georgia. The 45,000 ft2 office is set to open in late 2025 with plans to accommodate 500 employees by the end of 2026.[69]

Entry into autonomous vehicles (2025)

In December 2025, Rivian announced that it will be hosting its first "Autonomy and AI Day" to showcase their autonomous capabilities with their end-to-end AI-centric approach, which they believe will help them improve profitability.[70]

In an interview by Fortune on December9, 2025, RivianCEO RJScaringe announced his goal of creating an autonomous vehicle (AV) that goes beyond driving, and that is able to run and coordinate tasks and errands for people.[71]

R1T

The R1T is a pickup truck, which features four electric motors, two located on each axle (front and rear). The front two motors produce 415 hp and 413 lbft of torque while the rear two motors produce 420 hp and 495 lbft of torque.[74] The result is a Rivian-claimed 0 – time of 3.0 seconds.[75]

The Rivian R1T is offered with three battery sizes: 105 kWh, 135 kWh, or 180 kWh.[76] The R1T has a projected range of 230 mi with the smallest battery, 314 mi with the medium battery and over 400 mi with the largest battery. Extra batteries can be mounted in the R1T's bed for improved range. Those backup/auxiliary batteries can be charged by another R1T, if no charging infrastructure is available.[77]

In December 2021, the R1T was named the Motor Trend Truck of the Year.[78]

In August 2022, the company announced it would eliminate the base model of the R1T, called the Explore package, due to low customer demand, and would emphasize the Adventure model. The company said this would help it "streamline" its supply chain issues and deliver as many vehicles as possible.[79][80][81]

R1S

The R1S is a sport utility vehicle version of the first Rivian platform. Because of a shared electric chassis, the R1S design aimed, as of 2018, to have 91 percent shared components with the R1T.[25] The chassis includes braking, suspension and cooling systems with a battery in the center.[82] Rivian's skateboard platform is a relatively flat, low center of gravity chassis typical of electric vehicles, which enables straightforward modification for different body types.[83][82]

Electric Delivery Van (EDV)/Electric Commercial Van (ECV)

Rivian entered into a commercial agreement with its investor Amazon, Inc. in February 2019. By September 2019, Amazon's Logistics division had agreed to collaborate with Rivian to design, produce, and purchase 100,000 electric delivery vehicles (EDVs). Initial plans suggested a first delivery date in 2021.[84][85] As of 2019, Amazon expected to have as many as 10,000 electric vans in operation by 2022, but was not planning to take delivery of the entire 100,000 Rivian vans the contract calls for until 2030.[86] In November 2022, Rivian announced that it had delivered 1,000 EDVs to Amazon. The Rivian collaboration is part of Amazon's plan to convert its delivery fleet to 100% renewable energy by 2030.[87]

The van is slated to be built in three sizes, carrying 500 ft3, 700 ft3, or 900 ft3 of packages, each with the same stand-up interior height, but with a narrower smallest model. All of the vans will be built on the same platform, which shares the same electrical and network architecture, ECUs, and battery-pack design with the Rivian R1T/R1S models; most will use a basic single-motor e-axle drive unit driving the front wheels. The van is to be produced exclusively for Amazon, and will be built with a steel chassis on a "low-feature-content" assembly line to keep costs down. The van is explicitly designed to allow Amazon to reduce costs and shrink its carbon footprint.[88]

A 150 mi prototype for the Amazon electric delivery van was tested on public roads in early 2021. Testing began in Los Angeles[89] and San Francisco. By April 2021, testing was being conducted in Colorado[90] with plans to test in 16 U.S. cities in different climate zones. Tests in Oklahoma and Michigan were underway by July 2021.[91] Amazon also will source electric vans and three-wheelers from other OEMs, such as Stellantis, Mercedes-Benz Group, and Mahindra.[92] Deployment of the electric delivery vans began in nine U.S. cities in July 2022.[93]

Under terms of a 2019 agreement, Rivian was required to sell all of the vans it makes to Amazon. In early 2023, it was reported that Amazon had notified Rivian that it wanted to buy about 10,000 vans during the year. As this was at the low end of a range previously provided to the auto maker, in response Rivian sought to remove the exclusivity terms of the agreement.[94] By January 2024, Amazon agreed to end the exclusivity arrangement, allowing Rivian to be free to seek new commercial customers for the vans.[95]

In February 2025, Rivian opened up orders for the vans to business fleet customers. Models sold for business fleets are branded as electric commercial vans (ECVs).[96]

R2

The R2 is a smaller, less-expensive SUV on a new platform,[97] tentatively scheduled to launch in early 2026. It will be assembled at a new factory Rivian is building in Georgia (but will start initial production at the Normal, IL facility).[98] In May 2023, a shrouded clay model of the R2 was shown during a recorded conversation between R.J. Scaringe and Rivian lead designer Jeff Hammoud. As expected, the R2 appears to be smaller than the R1S while retaining the same boxy design; the start of R2 production is still scheduled for 2026,[99] but deliveries are now scheduled for 2026.[100] In June 2023 it was reported that the R2 would cost between $40,000 to $60,000 at its launch which would make it less expensive than the R1 models and that a pickup truck version of the R2 may also be created alongside the SUV.[101]

R3

The Rivian R3 is an upcoming electric compact SUV.

R3X

The Rivian R3X is a higher-performance variant of the R3 that will feature higher ground clearance and a tri-motor setup.

Funding

From initial seed stage capital invested by CEO Scaringe in 2009 to its final $2.5 billion round in 2021, Rivian secured 10 rounds of private funding to support the completion of development of line of its vehicles and build out to support production.[128][129] On November 10, 2021, the company completed its initial public offering, raising $13.5 billion.[85]

Private capital funding

In 2011, the company filed a Form D, reporting debts and warrants totaling $250,000.[130] The following year, in 2012 the company filed a second Form D, reporting debts and warrants totaling $1 million[131] Jeddah-based investment firm Abdul Latif Jameel claims to have been the company's earliest investor.[132][133] From 2013 to 2016, there were no filings or announcements of funding for Rivian. Cumulative funding remained at $1.25 million.[134]

In January 2017, at the time the company acquired the former Mitsubishi plant in Normal, Illinois, Rivian received a $1 million grant and a five-year tax abatement from Normal, contingent on meeting certain employment targets and investing $40.5 million over five years.[135] Rivian also received $49.5 million in tax credits from the Illinois state government;[23] these credits are also contingent upon meeting employment targets and investing at least $175 million into the site by 2024.[136] Sumitomo Corporation made a "large strategic investment" in Rivian in December 2017. The amount was not disclosed.[27][137][138] Announced on May 23, 2018, Rivian closed on $200 million in debt financing from Standard Chartered Bank,[17] bringing total raised funds to upwards of $450 million.[138] Other backers at the time included existing investors Abdul Latif Jameel and Sumitomo Corporation.[17][139]

Announced on February 15, 2019, Amazon led an investment round of $700 million into Rivian. The round included participation from existing shareholders.[140] Another announcement a couple months later on April 24, 2019, Ford Motor Company invested $500 million at a pre-money valuation of $4.5 billion.[141] On September 10, 2019, Cox Automotive invested $350 million into Rivian, bringing the total raised in 2019 to $1.5 billion. Rivian remained independent, but Cox Automotive planned to add a representative to Rivian's board as part of the investment.[142] On November 19, 2021, Ford and Rivian announced that they no longer plan to co-develop an electric vehicle. Originally, both companies had planned the joint development of a vehicle for Ford's luxury Lincoln brand. Those plans were canceled in 2020.[143][144] Ford continued to hold a stake in Rivian, valued at over $10 billion as of November 2021.[145] In December 2019, Rivian announced it raised US$1.3billion in a round led by investment manager T Rowe Price with existing investors Ford and Amazon, alongside new investors London/New York firm Pario Ventures and BlackRock-managed funds.

Announced on January 19, 2021, Rivian raised $2.65 billion led by existing investor T. Rowe Price alongside Soros Fund Management, Fidelity Management & Research, Coatue Management, BlackRock-managed funds, Abdul Latif Jameel, and Amazon, now through its Climate Pledge Fund, plus new investors D1 Capital Partners.[146] Abdul Latif J holds almost 114 million shares in Rivian acquired through $303 million of loans made to the company.[147] Bloomberg estimated the company's value at nearly $28 billion.[148][149] Announced on July 23, 2021, Rivian raised $2.5 billion in a round led by Amazon's Climate Pledge Fund, D1 Capital Partners, and Ford Motor Company, alongside existing investors T. Rowe Price, Coatue Management, Fidelity Management & Research. New investors Third Point Ventures and Dragoneer Investment Group joined the round.[129]

Public company

In August 2021, Rivian filed for an initial public offering, seeking a valuation as high as $80 billion.[150] By then, the firm had raised a total of approximately $11 billion.[151]

In November 2021, Rivian completed its IPO with net proceeds to the firm of $13.5 billion.[85] While initial price targets were in the $58 to $62 range, the actual offering price was $78.00 per share. On its first trading day on November 10, the stock closed at $100.73 per share with a market value of just under $100 billion.[152] At that value, it was worth more than General Motors or Ford and was behind only Tesla in terms of the market cap of automakers. CEO R.J. Scaringe's ownership of 17.6 million shares was worth approximately $2 billion.[153]

Amazon purchased $200 million of stock in the IPO, raising its total stake in Rivian to 22%.[154] Previously, in October 2021, Amazon stated that it owned a 20% stake in the company.[155]

The stock peaked at a closing price of $146.07 on November 13, 2021.[156] From there, the stock price fell more or less continuously during the tech sell-off in early 2022 to reach $30.68 on April 26, 2022.[157] The market value at the end of April 2022 had declined to roughly $29 billion, a loss of 79 percent.[158] At the beginning of May 2022 the stock price fell further, closing at an all-time low of $22.78 on May 9, 2022, the decline from the peak in November 2021 being nearly 85 percent.[159]

Rivian's stock price recovered significantly through the first half of 2023, reaching a period high of $28.06 on July 27, 2023. However, momentum has subsequently reversed with a $1.5bn convertible green note received poorly by the financial markets,[160] causing the share price to decline to a daily low of $15.88 on October 26, 2023.

Largest shareholders

Around 28% of shares are held by insiders. The 10 largest institutional shareholders of Rivian in December 2023 were:[161]