Nowadays it feels like we are introduced to a new electric vehicle manufacturer and their latest project every month. Of course the auto industry is a tough business, and the likelihood of most of these companies staying around isn’t that high. That said, some of these newcomers create enough excitement and interest from investors to secure a market for themselves. Rivian belongs in the latter category, as their R1T pickup and R1S SUV have garnered a significant amount of fans over the years. And while the company’s EVs haven’t quite made their way to customers yet, it appears that’s about the change. According to the automaker, deliveries of the Rivian R1T and R1S will officially kick off in July.
Rivian R1T And R1S Inbound
Those who follow Rivian may recall that the automaker had initially stated that the R1T and R1S would reach customers in June. While Rivian hasn’t shared exactly what has caused the slight delay related to deliveries, chances are it has something to do with the supply chain issues impacting the entire industry right now. Regardless, the wait is nearly over for the early adopters. According to the announcement made by the automaker, customers can expect to hear from their Rivian Guides shortly, who will help to finalize the process and facilitate deliveries. Launch Edition models will be the first to reach buyers, with customers receiving their official delivery date by November. These deliveries will run through spring 2022, after which the lower-trim models will start to ship out.
Customers taking ownership of their Rivian R1T and R1S electric vehicles will mark a huge step for the automaker. This will prove to be rather important for the company’s finances, as the automaker continues to move towards going public. In fact, a new report from Bloomberg suggests that a Rivian IPO could be valued as high as $70 billion, up from an initial $50 billion estimate published in January. Rivian is actively working with Goldman Sachs, JPMorgan Chase, and Morgan Stanley on this process.
The Rivian R1T and R1S have long been promising vehicles, but now they face more competition than was initially expected. Not only do they have to compete against the likes of Tesla, but Ford’s F-150 Lightning, GMC’s Hummer EV truck and SUV, as well as the upcoming Silverado EV are all poised to take on the EV startup. Whether or not Rivian has the bandwidth to compete with the legacy automakers has yet to be seen, but we know that the company has the financial support to do so. July will be an interesting moment in time for the industry, and we can’t wait to see what customer vehicles can do. If all goes well, a Rivian IPO will likely be a fruitful one.