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Tuesday, April 23, 2024

Rivian Pre-Orders Hit Nearly 50,000

RJ Scaringe/Rivian via Twitter

We’ve been talking a lot about Rivian lately, particularly since the first production Rivain rolled off the assembly line

The latest news is that Rivian already has 50,000 pre-orders for its R1T truck and R1S sport utility vehicle.

Rivian is no doubt the biggest competitor to Tesla in the electric vehicle market. This is particularly true in the truck department, since the R1T is already on the road and Tesla’s Cybertruck still isn’t ready.

The aforementioned 50,000 Rivian pre-orders are non-binding, so the 48,390 R1T and R1S models that have been spoken for with a refundable $1,000 deposit aren’t guaranteed to be made.

hells gate in a rivian r1t

YouTube Screenshot via Paddle Pedal Pedals

Yet, with the R1T showing up all over the internet (and in Moab!), I have a feeling that the 50,000 or so folks that have signed up for Rivian pre-orders will follow through on their order.

In other Rivian news, the company reported a loss of about $1 billion for the first half of the year, up from about $377 million in losses from 2020. The company reported about $3.7 billion in cash as of mid-year this year, and with the backing of blue bloods like Ford, Amazon, and T. Rowe Price Group, they should be just fine on the money front.

Rivian hopes to go public with a valuation of around $80 billion. The company has already filed for a confidential IPO.

first rivian r1t

RJ Scaringe/Rivian via Twitter

In the meantime, the Illinois-based Rivian factory is full steam ahead. Rivian has also opened six service centers in California, New York, and Illinois. Additionally, the company has a 24/7 support center and nearly a dozen mobile service vehicles. There are currently 169 charging stations across the U.S. as well.

In other words, Rivian is ramping up, and that’s a great sign for potential Rivian owners and investors. Stay tuned for more details about Rivian in the coming months. I have a feeling we’ll have a lot to report!

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