Who likes some hyperbole with their investment? That’s the name of Rivian’s game. The Zeeland, Mich., firm, founded in 2017, made its market debut Friday as a public company — and its stock has more than doubled from its $11 launch price. What’s driving the ride? These Tesla wars, which Rivian has managed to raise its price by.
As the New York Times’ Aditya Chakrabortty notes, Rivian’s ambitious strategy has been to stake out territory in the pickup truck market by making an electric version — one that the firm believes is more akin to a wagon, rather than a traditional pick-up.
In the sector, which is dominated by General Motors and Ford, the electric pickup is gaining recognition. In May, Bill Ford, the company’s chairman, had this to say: “We’re going to be a full-electric company with a pickup in the near future. We have all the brains, talent and resources to make it happen.”
Rivian’s electric pickup does not look to be quite ready for prime time, but it appears that backers see that as a natural progression. The company is also seeking to stake a claim in a market where luxury is king: It manufactures an electric SUV that sells for $75,000 or more.