History of Rivian in Timeline
Rivian is an American electric vehicle manufacturer founded in 2009. The company produces electric SUVs, pickup trucks (R1T), and delivery vans (EDV) built on a versatile 'skateboard' platform. Rivian began R1T deliveries in late 2021 and launched its own charging network in the US in 2022, later opening it to other EVs in 2024. The company focuses on combining electric vehicles with outdoor recreation.
2009: Rivian Founded
In 2009, Rivian Automotive, Inc., an American electric vehicle manufacturer, automotive technology and outdoor recreation company, was founded.
2009: Initial Seed Capital Invested by CEO Scaringe
In 2009, Rivian received initial seed stage capital invested by CEO Scaringe, marking the beginning of the company's funding history.
2009: Founded as Mainstream Motors
In 2009, the company was founded in Rockledge, Florida as Mainstream Motors by Robert "RJ" Scaringe.
2011: Rivian Files Form D Reporting Debts and Warrants
In 2011, Rivian filed a Form D, reporting debts and warrants totaling $250,000, indicating early-stage financing activities.
2011: Renamed Rivian Automotive
In 2011, the company was renamed as Rivian Automotive, and began focusing on autonomous and electric vehicles.
2011: R1 Sports Car Shelved
In late 2011, Rivian's first car model, a sports car called the R1, was shelved as the company looked to restart its business.
2012: Rivian Files Second Form D
In 2012, Rivian filed a second Form D, reporting debts and warrants totaling $1 million, marking further development in the company's fundraising efforts.
2013: No Funding Announcements for Rivian
From 2013 to 2016, there were no filings or announcements of funding for Rivian. Cumulative funding remained at $1.25 million.
2015: Significant Investment and Expansion
In 2015, Rivian received a large investment and grew significantly, opening research facilities in Michigan and the San Francisco Bay Area.
September 2016: Negotiations to Buy Mitsubishi Plant
By September 2016, Rivian was negotiating to buy a manufacturing plant formerly owned by Mitsubishi Motors in Normal, Illinois.
2016: No Funding Announcements for Rivian
From 2013 to 2016, there were no filings or announcements of funding for Rivian. Cumulative funding remained at $1.25 million.
January 2017: Acquisition of Manufacturing Plant
In January 2017, Rivian acquired the Mitsubishi plant in Normal, Illinois, for $16 million, to become its primary North American manufacturing facility.
January 2017: Rivian Receives Grant and Tax Abatement in Normal, Illinois
In January 2017, when Rivian acquired the former Mitsubishi plant in Normal, Illinois, the company received a $1 million grant and a five-year tax abatement, contingent on meeting certain employment targets and investing $40.5 million over five years.
December 2017: First Products Revealed
In December 2017, Rivian revealed its first two products: an electric five-passenger pickup truck and an electric seven-passenger SUV, provisionally named the A1T and A1C, respectively.
December 2017: Sumitomo Corporation Makes Strategic Investment in Rivian
In December 2017, Sumitomo Corporation made a "large strategic investment" in Rivian, although the specific amount was not disclosed, indicating growing confidence in the company.
2017: Hurricane Maria Affected Adjuntas, Puerto Rico
In 2017, Adjuntas, Puerto Rico was severely affected by Hurricane Maria.
May 23, 2018: Rivian Closes $200 Million in Debt Financing
On May 23, 2018, Rivian closed on $200 million in debt financing from Standard Chartered Bank, bringing total raised funds to upwards of $450 million, supported by existing investors Abdul Latif Jameel and Sumitomo Corporation.
November 2018: R1T and R1S Unveiled
In November 2018, the truck and SUV were renamed the R1T and R1S, respectively, and unveiled at the LA Auto Show.
December 20, 2018: Alex Honnold Partners with Rivian as Brand Partner
On December 20, 2018, professional rock climber Alex Honnold announced his partnership with Rivian as a brand partner and collaborator.
2018: R1S Design
As of 2018, the R1S design aimed to have 91 percent shared components with the R1T.
February 15, 2019: Amazon Leads $700 Million Investment Round in Rivian
On February 15, 2019, Amazon led an investment round of $700 million into Rivian, which included participation from existing shareholders, significantly boosting Rivian's funding.
February 2019: Expanded Workforce
By February 2019, Rivian was employing 750 people across facilities in Michigan, Illinois, California, and the United Kingdom.
February 2019: Commercial Agreement with Amazon
In February 2019, Rivian entered into a commercial agreement with its investor Amazon, Inc.
April 24, 2019: Ford Motor Company Invests $500 Million in Rivian
On April 24, 2019, Ford Motor Company invested $500 million in Rivian at a pre-money valuation of $4.5 billion, marking a major partnership in the automotive industry.
June 15, 2019: Rivian Announces Collaboration on Solar Project in Puerto Rico
During a live stream 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, repurposing used battery packs from development vehicles.
September 10, 2019: Cox Automotive Invests $350 Million in Rivian
On September 10, 2019, Cox Automotive invested $350 million into Rivian, bringing the total raised in 2019 to $1.5 billion, with Cox Automotive planning to add a representative to Rivian's board.
September 2019: Amazon EDV Order
By September 2019, Amazon's Logistics division had agreed to collaborate with Rivian to design, produce, and purchase 100,000 electric delivery vehicles (EDVs).
December 2019: Rivian Raises $1.3 Billion in Funding Round Led by T Rowe Price
In December 2019, Rivian announced it raised US$1.3 billion in a round led by investment manager T Rowe Price with existing investors Ford and Amazon, alongside new investors London/New York firm Pario Ventures and BlackRock-managed funds.
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, setting up 240 level 2 charging stations along the route.
2019: Amazon Exclusivity Agreement
Under terms of a 2019 agreement, Rivian was required to sell all of the vans it makes to Amazon.
July 2020: Rivian's Factory Expansion Plans Approved
In July 2020, Rivian's plans for additions totaling 576,000 sq ft to its production facility in Normal, Illinois, were approved by the town council.
July 2020: Tesla Sues Rivian for Allegedly Stealing Proprietary Information
In July 2020, Tesla sued Rivian for allegedly stealing proprietary information, as well as for poaching employees, leading to a legal dispute between the two companies.
November 2020: 3,000-plus Workers
In November 2020, Rivian employed 3,000-plus workers.
2020: Planned R1T Shipments
In late 2020, Rivian planned to begin shipments of the R1T in June 2021.
2020: Ford and Rivian Cancel Joint Vehicle Development Plans
Originally, Ford and Rivian had planned the joint development of a vehicle for Ford's luxury Lincoln brand. Those plans were canceled in 2020.
2020: Production Scheduled to Begin
Production of the R1T and R1S was scheduled to begin in 2020.
2020: Launch Expected for Solar Project in Puerto Rico
The solar project in Adjuntas, Puerto Rico, was expected to launch in 2020, aiming to provide residents access to electricity for core businesses and mitigate high energy costs.
January 19, 2021: Rivian Raises $2.65 Billion in Funding Round
On January 19, 2021, Rivian raised $2.65 billion led by existing investor T. Rowe Price alongside Soros Fund Management, Fidelity Management & Research, Coatue Management, BlackRock-managed funds, Abdul Latif Jameel, and Amazon, now through its Climate Pledge Fund, plus new investors D1 Capital Partners.
March 2021: Rivian Announces Public Charging Stations
In March 2021, Rivian announced plans to develop a network of public charging stations across the United States and Canada by the end of 2023. Usage was planned to be restricted to Rivian owners only.
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, challenging their sales model.
April 2021: EDV Testing Expands
By April 2021, Amazon electric delivery van testing was being conducted in Denver with plans to test in 16 U.S. cities in different climate zones.
June 2021: Shipment Date Delay
The June 2021 shipment date for the R1T later slipped to August.
July 2021: Rivian Announces Partnership with Tennessee State Parks
In July 2021, Rivian and the state of Tennessee announced plans to install Waypoint chargers at all 56 Tennessee state parks.
July 2021: Rivian Waypoint Chargers Planned for Colorado State Parks
Starting in July 2021, Rivian planned to install two Rivian Waypoint chargers at up to 50 Colorado State Parks and state recreation areas, expanding their charging infrastructure.
July 23, 2021: Rivian Raises $2.5 Billion in Funding Round
Announced on July 23, 2021, Rivian raised $2.5 billion in a round led by Amazon's Climate Pledge Fund, D1 Capital Partners, and Ford Motor Company, alongside existing investors T. Rowe Price, Coatue Management, Fidelity Management & Research. New investors Third Point Ventures and Dragoneer Investment Group joined the round.
August 2021: Rivian Files for Initial Public Offering
In August 2021, Rivian filed for an initial public offering, seeking a valuation as high as $80 billion, having raised a total of approximately $11 billion by then.
September 2021: First Electric Pickup to Market
In September 2021, Rivian became the first automaker to bring a fully electric pickup to the consumer market, beating industry mainstays such as GM, Ford, and Tesla.
September 2021: First Waypoint Chargers Installed Near Moab, Utah
In September 2021, the first Waypoint 11.5 kW chargers were installed near Moab, Utah, marking the initial deployment of Rivian's destination charging network.
October 1, 2021: First Rivian Waypoint Charger Unveiled at Radnor Lake State Park
On October 1, 2021, the first Rivian Waypoint charger was unveiled at Radnor Lake State Park in Tennessee, marking a significant step in their charging infrastructure development.
October 2021: R1T Deliveries to Customers
In October 2021, Rivian began delivering the R1T truck to customers.
October 2021: Rivian Announces Further Expansion of Normal Facility
In October 2021, Rivian made public plans to grow the Normal facility with a 623,000 sq ft addition, potentially bringing the total facility size to 3,900,000 sq ft.
October 2021: Amazon's Stake in Rivian Reaches 20%
Previously, in October 2021, Amazon stated that it owned a 20% stake in the company.
November 10, 2021: Rivian Goes Public
On November 10, 2021, Rivian became a public company through an IPO, selling 153 million shares at $78.00, valuing the company at $66.5 billion.
November 13, 2021: Rivian Stock Price Peaked
On November 13, 2021, Rivian's stock price peaked at a closing price of $146.07, marking its highest valuation point before a subsequent decline.
November 2021: Rivian Completes Initial Public Offering
In November 2021, Rivian completed its IPO with net proceeds to the firm of $13.5 billion. The stock closed at $100.73 per share on its first trading day with a market value of just under $100 billion.
November 2021: Initial Public Offering
In November 2021, Rivian raised over US$13.5 billion in financing following its initial public offering.
November 2021: 9,000-plus Employees
In November 2021, Rivian was listed as having 9,000-plus employees.
November 2021: Rivian's Former VP Laura Schwab Files Suit Against the Company
In November 2021, Rivian's former sales and marketing vice president Laura Schwab filed a suit against the company, claiming she was fired after raising concerns of discrimination and a "boys' club" culture, as well as vehicle underpricing and manufacturing process security concerns.
November 2021: Ford and Rivian Announce End to Joint Vehicle Development Plans
On November 19, 2021, Ford and Rivian announced that they no longer plan to co-develop an electric vehicle, although Ford continued to hold a stake in Rivian valued at over $10 billion.
November 2021: Rivian Stock Price Peaked and Began to Fall
The Rivian stock price peaked in November 2021, followed by the beginning of a continuous decline of the stock price.
November 19, 2021: Ford and Rivian End Co-Development Plans
On November 19, 2021, Ford and Rivian announced that the two automakers no longer plan to co-develop an electric vehicle, though Ford retained a 12 percent stake in Rivian.
December 2021: Rivian Becomes a Public Company
As of December 2021, Rivian became a public company, trading under the symbol RIVN on the Nasdaq stock exchange, marking a major milestone in its financial journey.
December 2021: Rivian Announces Plans for Georgia Battery and Assembly Plant
In December 2021, Rivian announced plans to build a $5 billion battery and assembly plant east of Atlanta, targeting a production capacity of up to 400,000 vehicles a year.
December 2021: 71,000 Pre-Orders
In December 2021, Rivian reported that it had over 71,000 pre-orders for its R1 models.
December 2021: COO Steps Down
In December 2021, Rivian's chief operations officer, Rod Copes, stepped down and retired from the company as it began to ramp up production of its vehicles.
December 2021: Motor Trend Truck of the Year
In December 2021, the R1T was named the Motor Trend Truck of the Year.
2021: R1T Deliveries Started
In late 2021, Rivian started deliveries of its R1T pickup truck.
2021: Initial EDV Delivery Plans
Initial plans suggested a first delivery date for the EDVs in 2021.
March 1, 2022: Price Increases Announced
On March 1, 2022, Rivian announced price increases of 17% for the R1T and 20% for the R1S, leading to customer backlash and later an apology from Rivian.
March 14, 2022: Frank Klein Hired as COO
On March 14, 2022, Rivian announced the company hired Frank Klein as its COO (chief operations officer).
March 2022: TIME's List of 100 Most Influential Companies
In March 2022, Rivian made it to TIME's List of 100 Most Influential Companies of the year 2022.
April 2022: Significant Decline in Rivian's Market Value
By the end of April 2022, Rivian's market value had declined to roughly $29 billion, a loss of 79 percent from its peak, demonstrating the impact of the tech sell-off.
April 26, 2022: Rivian Stock Price Reaches $30.68
By April 26, 2022, Rivian's stock price had fallen to $30.68, reflecting a significant decline during the tech sell-off.
May 9, 2022: Rivian Stock Price Falls to All-Time Low
On May 9, 2022, the stock price fell further, closing at an all-time low of $22.78, the decline from the peak in November 2021 being nearly 85 percent.
May 2022: Rivian Stock Price Continues to Decline
At the beginning of May 2022 the 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.
June 1, 2022: New COO Begins
On June 1, 2022, Frank Klein began as COO (chief operations officer) of Rivian.
July 2022: EDV Deployment Begins
Deployment of the electric delivery vans began in nine U.S. cities in July 2022.
July 27, 2022: Workforce Reduction Announced
On July 27, 2022, Rivian announced it would reduce its workforce by 6% in response to high inflation, rising interest rates, and an increase in parts prices.
August 2022: Explore Package Eliminated
In August 2022, Rivian announced it would eliminate the base model of the R1T, called the Explore package, due to low customer demand, and would emphasize the Adventure model to "streamline" its supply chain issues.
August 2022: George Soros Sells Shares
In August 2022, regulatory filings revealed that investor George Soros sold roughly $8.5 million of shares of the company.
September 2022: Partnership with Mercedes-Benz Group
In September 2022, Rivian signed an MoU with Mercedes-Benz Group to establish a joint venture to invest in and operate a factory in Europe, producing large commercial electric vans.
October 2022: Voluntary Vehicle Recall
In October 2022, Rivian issued a voluntary recall of 13,000 vehicles after the company received seven reports of loose torque bolts that did not result in injury.
November 2022: 1,000 EDVs Delivered to Amazon
In November 2022, Rivian announced that it had delivered 1,000 EDVs to Amazon.
December 2022: Partnership with Mercedes-Benz Put on Hold
In December 2022, Rivian said its planned partnership with Mercedes-Benz Group would not go forward, but stated that future collaborations may still be possible.
2022: Waypoint Charger Installations Expected in Colorado
By early 2022, the first Rivian Waypoint charger installations were expected in Colorado, following delays in state permitting processes.
2022: Ford Sells Stake in Rivian
By the end of 2022, Ford sold around 90 percent of its stake in Rivian for $3 billion, an increase from its $1.2 billion investment.
2022: Construction Planned to Begin on Georgia Plant
Construction on Rivian's $5 billion battery and assembly plant east of Atlanta was planned to begin in the summer of 2022, with car production expected to start in 2024.
2022: Exclusive Charging Network Launched
In 2022, the company launched an exclusive charging network in the United States.
2022: Cars Produced in 2022
Rivian produced a total of 24,337 cars in 2022.
January 2023: Executive Departures
In January 2023, The Wall Street Journal reported that Rivian experienced the departure of multiple top executives in recent months, including some that were among its longest-tenured employees.
April 2023: Rivian to Open Adventure Network to Non-Rivian Vehicles
In April 2023, Rivian announced they would open up the Rivian Adventure Network to non-Rivian vehicles, expanding access to their charging infrastructure.
May 2023: R2 Shrouded Clay Model Shown
In May 2023, a shrouded clay model of the R2 was shown during a recorded conversation between R.J. Scaringe and Rivian lead designer Jeff Hammoud, revealing the smaller, boxy design of the upcoming SUV.
June 2023: R2 Price Point Reported
In June 2023, it was reported that the R2 would cost between $40,000 to $60,000 at its launch, making it a less expensive option than the R1 models. Additionally, there were reports that a pickup truck version of the R2 may also be created alongside the SUV.
June 20, 2023: Adoption of Tesla Charging Standard
On June 20, 2023, Rivian announced that it would incorporate Tesla's electric vehicle charging standard, the North American Charging System (NACS) into its R1T trucks and R1S SUVs in 2025, as well as in its upcoming R2 platform.
July 27, 2023: Rivian's Stock Price Reaches Period High
Rivian's stock price recovered significantly through the first half of 2023, reaching a period high of $28.06 on July 27, 2023.
October 2023: New Georgia Manufacturing Facility
In October 2023 Rivian announced to open a new Georgia manufacturing facility with an annual production capacity of 400,000 units in early 2024.
October 2023: End of Amazon Exclusivity Deal
In October 2023, Rivian ended the exclusivity deal it had with Amazon, allowing Rivian to supply other commercial customers with its electric delivery vehicles.
October 26, 2023: Rivian's Share Price Declines After Convertible Green Note
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 on October 26, 2023.
December 2023: Largest Institutional Shareholders of Rivian Listed
Around 28% of shares are held by insiders. The 10 largest institutional shareholders of Rivian in December 2023 were listed, providing insight into the company's ownership structure.
December 2023: AT&T to Trial Rivian Trucks
In December 2023 telecommunications company AT&T announced it would take delivery of the trucks from Rivian as part of a trial process for its fleet.
2023: Target Completion Date for Charging Network
By the end of 2023, Rivian planned to have developed a network of public charging stations across the United States and Canada.
2023: End of EDV Exclusivity
In early 2023, Amazon agreed to end the exclusivity arrangement with Rivian, allowing Rivian to be free to seek new commercial customers for the vans.
February 21, 2024: Layoffs Announced
On February 21, 2024, Rivian announced it would be laying off 10% of its salaried workers beginning on February 23, 2024.
February 23, 2024: Layoffs Begin
On February 23, 2024, Rivian layoffs of 10% of its salaried workers begin.
March 7, 2024: Unveiling of R2 and R3
On March 7, 2024, Rivian unveiled the R2 SUV that starts from $45,000, much less than current models, and the R3, that will cost even less than the R2.
March 2024: Project was Put on Hold
In March 2024, the Georgia manufacturing facility project was put on hold for financial reasons.
June 25, 2024: Volkswagen Investment Announced
On June 25, 2024, Volkswagen Group announced its intention to invest up to $5 billion in Rivian.
July 29, 2024: Green Light from German Competition Authority
It was reported on July 29, 2024, that Germany's competition authority gave green light to the form of the joint venture by two companies.
November 2024: Project Restart
In November 2024, the Georgia manufacturing facility project was restarted when the federal government under the Biden Administration announced a $6 billion loan for the factory.
December 2024: First Rivian Charging Site Opens to Non-Rivian Vehicles
In December 2024, the first Rivian charging site opened to vehicles from other brands equipped with CCS1 or NACS charging ports, with the rest of Rivian's 91 Adventure Network sites to be gradually retrofitted.
2024: Adapters for Tesla Supercharger Network
As early as the second quarter of 2024, Rivian owners may be able to use adapters to connect to Tesla's Supercharger network.
2024: Employment Targets and Investment Deadline for Tax Credits
By 2024, Rivian is required to meet employment targets and invest at least $175 million into the Normal, Illinois site to fulfill the conditions of $49.5 million in tax credits from the Illinois state government.
2024: Charging Network Opened to Other Vehicles
In 2024, Rivian opened its charging network to other vehicles.
2024: Volkswagen and Rivian Announce Joint Venture
In 2024, Volkswagen announced they would form a joint venture with Rivian, marking a significant partnership in the automotive industry.
2024: Rivian Pauses Construction of Georgia Plant
In early 2024, Rivian announced that it was putting on hold construction of the Georgia plant, with all vehicles continuing to be made in the Normal plant for the present.
2025: NACS incorporated in Rivian vehicles
In 2025, Rivian announced that it would incorporate Tesla's electric vehicle charging standard, the North American Charging System (NACS) into its R1T trucks and R1S SUVs.
2025: Volkswagen Investment Continues
In 2025, Volkswagen is anticipated to invest an additional $1 billion into Rivian, totaling an investment of $2 billion so far.
2025: Rivian to Adopt NACS for Vehicles in North America
Rivian will adopt the North American Charging System (NACS) for its vehicles in North America beginning in the 2025 model year.
2026: Further Investments by Volkswagen
By 2026, Volkswagen is anticipated to invest another $4 billion, $2 billion of which will be earmarked for a prospective joint venture aimed at developing electrical architecture and software technology.
2026: R2 Production and Deliveries Scheduled
In 2026, the start of R2 production and deliveries are scheduled, marking a significant milestone for Rivian's expansion into a more affordable SUV market segment.
2030: Amazon's Fleet Conversion Goal
Amazon expected to have as many as 10,000 electric vans in operation by 2022, but was not planning to take delivery of the entire 100,000 Rivian vans the contract calls for until 2030.
