History of Rivian in Timeline

Rivian is an American electric vehicle manufacturer and technology company established in 2009. It specializes in developing and producing electric vehicles, including the R1T pickup truck, R1S SUV, and EDV (Electric Delivery Van). Rivian distinguishes itself with its "skateboard" platform, designed to underpin various vehicle types and potentially be utilized by other companies. R1T deliveries began in late 2021. The company had plans to establish a proprietary charging network across the United States and Canada.

December 20, 2018: Alex Honnold partners with Rivian

On December 20, 2018, professional rock climber Alex Honnold announced his partnership with Rivian as a brand partner and collaborator.

June 15, 2019: Rivian announces collaboration with the Honnold Foundation and Casa Pueblo

On June 15, 2019, Rivian announced plans to collaborate with the Honnold Foundation and nonprofit Casa Pueblo on a solar project aiming to establish a microgrid in Adjuntas, Puerto Rico. Rivian also planned to repurpose used battery packs from its development vehicles into stationary energy storage units.

2019: Rivian partners with Ewan McGregor and Charley Boorman for 'Long Way Up'

In 2019, Rivian partnered with actors Ewan McGregor and Charley Boorman to provide prototypes for use as logistics vehicles and camera cars for the British TV series 'Long Way Up'. They also set up 240 level 2 charging stations at 140 locations along the route from Tierra del Fuego to Los Angeles.

July 2020: Tesla sues Rivian

In July 2020, Tesla sued Rivian for allegedly stealing proprietary information, as well as for poaching employees.

2020: Planned launch of the microgrid project in Puerto Rico

In 2020, the project to establish a microgrid in Adjuntas, Puerto Rico, by Rivian in collaboration with the Honnold Foundation and Casa Pueblo, was expected to launch. The project aimed to grant residents access to electricity for core business and mitigate the high cost of energy.

March 2021: Illinois Automobile Dealers Association files lawsuit against Rivian and Lucid Motors

In March 2021, the Illinois Automobile Dealers Association filed a lawsuit against Rivian and fellow EV manufacturer Lucid Motors for their plans to sell electric vehicles directly to consumers.

November 2021: Ford and Rivian announce they no longer plan to co-develop an electric vehicle

In November 2021, Ford and Rivian announced that they no longer plan to co-develop an electric vehicle. The companies had initially planned to jointly develop a vehicle for Ford's luxury Lincoln brand, but these plans were canceled in 2020. Ford continued to hold a stake in Rivian, valued at over $10 billion as of November 2021.

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November 2021: Rivian Completes IPO

In November 2021, Rivian completed its initial public offering (IPO) with net proceeds of $13.5 billion. The offering price was $78.00 per share, and on its first trading day, November 10, the stock closed at $100.73 per share, resulting in a market value of just under $100 billion. At that value, it was worth more than General Motors or Ford and was behind only Tesla in terms of the market cap of automakers.

November 2021: Laura Schwab files suit against Rivian

In November 2021, Rivian's former sales and marketing vice president Laura Schwab filed a suit against the company, claiming she was fired a month after raising concerns of discrimination and Rivian being a "boys' club" to the company's HR department. Schwab also claimed that she warned company executives of their vehicles being underpriced and the manufacturing process not conforming to security standards.

November 2021: Rivian Stock Price Peak

On November 13, 2021, Rivian's stock price peaked at a closing price of $146.07. After that, the stock price fell during the tech sell-off in early 2022.

April 2022: Stock price decline

In April 2022, Rivian's stock price reached $30.68 on April 26, 2022, during the tech sell-off. The market value at the end of April 2022 had declined to roughly $29 billion, a loss of 79 percent.

May 2022: Stock price decline

In May 2022, Rivian's stock price fell further, closing at an all-time low of $22.78 on May 9, 2022, the decline from the peak in November 2021 being nearly 85 percent.

July 27, 2023: Stock price recovery

On July 27, 2023, Rivian's stock price recovered significantly through the first half of 2023, reaching a period high of $28.06.

October 26, 2023: Share price decline

On October 26, 2023, momentum has subsequently reversed with a $1.5bn convertible green note received poorly by the financial markets, causing the share price to decline to a daily low of $15.88.

December 2023: Largest Institutional Shareholders

In December 2023, it was reported that around 28% of shares are held by insiders. The top 10 largest institutional shareholders of Rivian were identified.

2024: Rivian factory safety violations

According to Bloomberg in 2024, Rivian's only factory has "racked up more US safety violations initially deemed 'serious' than any other automaker since the start of last year."