Rivian wants to carve out huge slice of EV market
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Electric ute maker Rivian has set itself an ambitious target.
The company’s founder RJ Scaringe says the emerging electric vehicle maker is aiming to take 10 per cent of the EV market in under 10 years, according to Reuters.
This is a massive jump for a company that only produced about 1000 vehicles in 2021.
Semiconductor shortages and production issues have further hampered the burgeoning maker’s ability scale up early this year. Scaringe told the Wolfe Research conference that he believed the chip shortage would be a problem for the rest of the year.
Despite these setbacks, Scaringe believes the company is making progress and the brand’s Illinois assembly plant is ramping up nicely.
Scaling up vehicle production is notoriously hard. Tesla boss Elon Musk famously said he was in “production hell” when trying to increase production of the Tesla Model 3.
Scaringe says the brand would need to build out its portfolio to allow it to reach that 10 per cent market share according to Reuters.
It currently has two models entering production: the R1T electric pick-up truck and the R1S electric SUV.
The R1T has a substantial order list of more than 50,000 and has beat the rival Ford F-150 Lightning and Tesla CyberTruck to maker by a considerable margin.
It also has some big time investors including Amazon, which has a reported 20 per cent stake in the company and a standing order for 100,000 electric delivery vans.
In November, 2021, Rivian announced it had raised $11.9 billion in its initial public offering. It set its share price at $US78 ($106) in the largest IPO since 2014 when China’s online giant Alibaba went public.
Its share price is current $US67.56 ($93).
Rivian claims its R1T will have some pretty impressive performance. The truck will tow up to 4500kg and have a claimed range of up to 640km.
The Rivian R1T will be available in several variants and have a choice of either 135kWh or 180kWh battery packs with theoretical ranges of 500km and 640km.
All are all-wheel drive — electric motors power each wheel, with torque vectoring to ensure optimum grip.
Power figures vary with specification: the smaller battery makes 563kW/1120Nm and the larger battery pack prioritises range over power, making 522kW/1120Nm.
The ute will have an 800kg payload and a wading depth of up to a metre.