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ELECTRIC TRUCK MAKER RIVIAN ZOOMS TO $86B MARKET VALUE

By MATT OTT yesterday


FILE - This Nov. 14, 2018, file photo shows a Rivian R1T at Rivian headquarters
in Plymouth, Mich. Shares in Rivian Automotive are set to trade publicly on
Wednesday, Nov. 10, 2021, and the world should get a better idea of just how hot
investors are for the electric vehicle market. (AP Photo/Paul Sancya, File)

SILVER SPRING, Md. (AP) — Shares of Rivian Automotive jumped in their debut
Wednesday, rising as much as 53% as investors look for the next big winner in
the electric vehicle market.

The closing price of $100.73 gave Rivian a market value of about $85.9 billion,
greater than that of Ford and just below General Motors. That’s noteworthy
because Rivian has so far delivered about 150 of its electric pickup trucks to
customers, mostly employees, whereas Ford and GM sell millions of cars globally
each year.

Ford is one of Rivian’s high-profile backers, having invested a half-billion
dollars into the company in 2019. The other is Amazon, which held a 20% stake in
Rivian ahead of the IPO.

Rivian is aiming to take advantage of a growing appetite among consumers and
investors for electric vehicles. It joins what’s becoming a long line of
companies, both new and old, trying to peel away market share from Tesla.

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Tesla has largely dominated the electric vehicle market for years, amassing a
market value of more than $1 trillion along the way. So far this year, Tesla has
sold around 627,300 vehicles.

Rivian priced the offering of 153 million shares at $78, giving it proceeds of
nearly $12 billion. The company said it will use the money to ramp up production
of its trucks, vans and SUVs.

Craig Irwin, an analyst who covers electric vehicle and EV charging companies
for Roth Capital, says that even with more companies entering the EV market,
there is still plenty of room for newcomers.

“EVs are inevitable, and it’s a good thing for the markets to have another
credible EV competitor come public,” Roth said. “Rivian’s IPO marks a point of
incremental maturation for the industry and shows that billions in capital is
available for credible players.”

Rivian has a contract with Amazon to build 100,000 electric delivery vans at its
factory, a former Mitsubishi plant in Normal, Illinois. Ford Motor Co. holds a
13% stake and has said the companies would work jointly to develop electric
vehicles.

As of Oct. 31, Rivian had about 55,400 vehicle preorders in the U.S. and Canada.
Those orders are placed with a $1,000 deposit that can be canceled and refunded.

Rivian rolled out its first vehicle, the R1T electric truck in September and
will launch its electric SUV, the R1S, in December. Prices for the truck start
at $67,500, while the SUV base package starts at $75,500 and gets even steeper
with all the add-ons.

Options for the vehicles include a $10,000 battery upgrade that will extend the
driving range from 314 miles (505 kilometers) to more than 400 miles (643
kilometers). A three-person roof-mounted tent adds $2,650 to the bill and an
off-road recovery kit will cost an additional $600.

The company said it aims to produce about 1,200 R1Ts and 25 R1Ss and deliver
around 1,000 R1Ts and 15 R1Ss by the end of 2021.

The R1T will compete with Ford’s F-150 Lightning electric pickup, which goes on
sale next year. The Lightning has a starting price of $40,000, but will sell for
thousands of dollars more once customers add options. General Motors has
announced plans for an electric version of the Silverado pickup.

“Although the R1T’s advantage is that it’s first to market and it will likely
appeal to a Tesla-type shopper, the long-term volume expectations for a $70,000+
midsize truck aren’t very high,” said Jessica Caldwell of the automotive website
Edmunds in an email.

The research firm LMC Automotive says in 2020, EVs made up a little more than 3%
of the global auto market and less than 2% of the U.S. auto market. The group
projects those numbers to shoot up to about 15% and 12%, respectively, by 2025.

Rivian, which was founded in 2009, says it lost $426 million in 2019 and $1
billion last year. It reported losing nearly another billion dollars in the
first six months of this year. Tesla, which went public in 2010, recorded its
first annual profit last year.

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Cambodia dismisses US sanctions as ‘politically motivated’


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Cambodia dismisses US sanctions as ‘politically motivated’PHNOM PENH, Cambodia
(AP) — Cambodia on Thursday dismissed as “politically motivated” sanctions
imposed by the United States on two senior defense officials over allegations of
graft, accompanied by a broader warning of systemic corruption in the Southeast
Asian nation.today



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Metallurgist admits faking steel-test results for Navy subsSEATTLE (AP) — A
metallurgist in Washington state pleaded guilty to fraud Monday after she spent
decades faking the results of strength tests on steel that was being used to
make U.S. Navy submarines.November 9, 2021



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