Rivian Plans To Open New Battery Plant in Georgia After IPO Soars On Monday.

Rivian (RIVN) Eyes Major Expansion Projects On Heels Of Mon

On Monday NOC 15, Rivian (RIVN) made news when their stock jumped 15 percent to 145.36 which is nearly doubled from their IPO price last week.

It’s stock reached a valuation of 140billion which they plan to use to build a new battery factory as Bloomberg reported.

Rivian is reportedly seeking a site for a battery factory in a addition to two already-planned assembly plants which is most likely going to be in Georgia.

Rivian is said to be opening a battery factory near Atlanta, according to local reports. Other states that may be on the list for this battery factory include Arizona, Michigan and Texas. The company currently assembles battery packs at its site in Irvine, California.

However, the top priority is a second U.S.-based assembly factory, the Bloomberg report said.
Rivian is currently working on ramping up production of the R1T electric pickup at its Normal, Ill. plant.

 

Next, Rivian is also having plans to open up a new plant in Europe to start manufacturing it’s vehicles by late 2023, according to reports. And possible sites could be locations in continental Europe, although, the UK hasn’t been completely ruled out as well.

Rivian (RIVN) makes history in IPO.

The Rivian IPO priced an upsized 153 million shares at $78 a share Tuesday night. That was above the already-raised price range of $72-$74. Rivian had originally planned to offer 135 million shares. The RIVN IPO raised $11.9 billion.

Hence, Rivian made history by being the largest IPO so far in 2021 and the largest since Alibaba (BABA) in 2014. according to Renaissance Capital, manager of two IPO-focused exchange traded funds. In comparison, the Alibaba IPO raised $25 billion.

The Rivian IPO was also said to have also benefited fro. Rivians R1T electric pickup truck and also the the R1S SUV preorders.

Rivian says limited deliveries of its R1T pickup began in September, with its R1S SUV due out by year-end.

The R1T electric pickup’s prices start at around $67,500, before the $7,500 federal tax credit. The seven-seat R1S SUV goes for about $70,000. The preorder launch editions of the two vehicles sold out at the end of 2020.

Although things seem to be going well especially for the R1T electric pickup truck production wise, Rivian is reported to be prioritizing production of electric vans for Amazon. Amazon has ordered 100,000 of Rivian’s electric vans. And while Rivian’s R1T pickup has grabbed headlines recently, Amazon’s vans are more likely to be revenue drivers in the near term. That’s why Rivian is reportedly more focused on ramping up production of Amazon’s fleet of Vans. Rivian is set to be producing hundreds of vans for Amazon this year alone, while forecasts call for nominal pickup production.

Amazon revealed in a filing on Oct. 28 that it had a roughly 20% stake in Rivian.

However, Rivian recently updated its website to say it will begin taking orders for its electric delivery vans in 2022 and will deliver them to fleet customers in early 2023, even though it has an exclusive deal to supply Amazon with electric vans for at least four years.

Rivian said in an SEC filing that Amazon would have exclusive rights to the delivery van for four years after the initial delivery date, and after that period, Amazon would have the right of first refusal for two years over other customers wanting Rivian vans.

Hanson F.https://thevolter.com
Hanson is a lover of electric cars especially Rivian. He is a contributor for The Volter as well as other news hubs

Latest articles

Rivian Just Delayed the R1S Again: Here is Why

Events and anticipative speculations showed that Rivian was going to start deliveries of its R1S electric adventure SUV anytime soon. But to the disappointment...

We combed Through the Entire Rivian R1S User Guide and This is What we Found

We have been waiting with so much anticipation to see the R1S deliveries begin. Signs that the deliveries are soon to begin are coming...

How Long Does It Take To Charge A Rivian?

Like other EVs, Rivian cars are not only prestigious but also environmentally friendly and cost-effective as they do not need gasoline. Because they do...

Rivian’s Strategy to Overcome the Upcoming Battery Shortage

(adsbygoogle = window.adsbygoogle || ).push({}); This has got to be the worst time for a startup automaker to begin production...

Related articles

Leave a reply

Please enter your comment!
Please enter your name here