Tesla vs. Rivian: Five Ways the Two Electric Vehicle Makers Compare

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Rivian made its Nasdaq debut on Wednesday after raising nearly $ 12 billion (about Rs 89,381 billion) in a top-up offer that made it one of the largest public offerings of all time.

Like other electric vehicle startups, Rivian aims to bring the growing demand for zero-emission vehicles into a position that rivals market leader Tesla.

Though further behind on the growth curve than Tesla and its chief executive officer Elon Musk, here are five areas where Irvine, California-based Rivian and CEO RJ Scaringe compares to the EV leader.

Market capitalization

Tesla, founded in 2003, is the world’s most valuable automaker, but its shares recently fell after Musk surveyed Twitter users about the sale of 10 percent of its stake in the company. Although Tesla briefly dropped out of the $ 1 trillion market value club on Wednesday, Tesla rebounded and its market capitalization is now at $ 1.05 trillion (about $ 78.21 billion). 579 billion rupees).

Rivian, founded in 2009, made its Nasdaq market debut on Wednesday after its blockbuster IPO and initially traded with a market capitalization of nearly $ 100 billion. This makes it the second most valuable US automaker, ahead of General Motors with about 87 billion rupees (about approximately Rs. 5,21,401 crore).

Worldwide sales

Tesla delivered more than 600,000 vehicles from January to September this year. As soon as two more factories under construction are opened this year, sales will continue to rise. Tesla’s third-quarter revenue rose 57 percent year over year to $ 13.76 billion (approximately Rs.1.02.488 billion).

Rivian has just started selling its first vehicle, the R1T pickup.

Assembly plants / employees

Tesla has assembly plants in Fremont, California and near Shanghai and builds factories in Austin, Texas and Berlin. At the end of last year, Tesla had almost 71,000 employees worldwide.

The two existing plants will have an annual production capacity of 1 million vehicles by the end of 2022 and Wedbush estimates that this will double when two more plants open.

Rivian has an assembly plant in Normal, Illinois that can build 150,000 vehicles a year and will grow to 200,000 by 2023. It has announced plans to build a second U.S. plant and eventually plans to add factories in China and Europe. Rivian currently has 9,500 employees.

Rivian’s Scaringe told Reuters the company aims to build at least a million vehicles a year by the end of the decade.

Vehicle types

Tesla’s Model 3 sedan is the world’s best-selling electric car. It also offers the Model S sedan, the Model X SUV, and the Model Y crossover. It is planned to finally offer the electric pickup Cybertruck, a second generation roadster and a class 8 tractor-trailer.

Rivian is currently building the R1T pickup in Illinois and will soon add the R1S SUV as well as a delivery van for its largest shareholder, Amazon. More vehicles outside the R1 platform are expected to be added by 2023, including cheaper models, according to Scaringe. There are also plans to add more utility vehicles to the Amazon van, he said.

partner

Tesla has taken a more independent path and vertically integrated the production of battery cells and the design of self-driving chips.

Rivian has reached an agreement to provide Amazon, which owns 20 percent of the startup, with 100,000 vans by 2025. In addition, another major shareholder, Ford, has repeatedly said its investment in Rivian was strategic despite previously canceling the Lincoln SUV, which would have been built on a Rivian platform. Rivian also intends to vertically integrate the production of battery cells.

© Thomson Reuters 2021

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