History of Rivian in Timeline

Rivian is an American electric vehicle manufacturer established in 2009. It specializes in electric SUVs, pickup trucks (R1T), and delivery vans (EDV), utilizing a versatile 'skateboard' platform. Rivian commenced R1T deliveries in late 2021 and aimed to establish a proprietary charging network across the United States and Canada. The company focuses on integrating automotive technology with outdoor recreation.

2009: Initial seed stage capital invested by CEO Scaringe

In 2009, Rivian began with initial seed stage capital invested by CEO Scaringe.

2011: Rivian files Form D, reports debts and warrants

In 2011, Rivian filed a Form D, reporting debts and warrants totaling $250,000.

2012: Rivian files second Form D, reports debts and warrants

In 2012, Rivian filed a second Form D, reporting debts and warrants totaling $1 million.

2013: No funding announcements for Rivian

From 2013 to 2016, there were no filings or announcements of funding for Rivian, and cumulative funding remained at $1.25 million.

2016: No funding announcements for Rivian

From 2013 to 2016, there were no filings or announcements of funding for Rivian, and cumulative funding remained at $1.25 million.

January 2017: Rivian receives grant and tax abatement for Normal plant acquisition

In January 2017, Rivian received a $1 million grant and a five-year tax abatement from Normal, Illinois, contingent on meeting certain employment targets and investing $40.5 million over five years, when the company acquired the former Mitsubishi plant.

December 2017: Sumitomo Corporation makes strategic investment in Rivian

In December 2017, Sumitomo Corporation made a "large strategic investment" in Rivian, although the exact amount was not disclosed.

2017: Hurricane Maria affected Adjuntas, Puerto Rico

In 2017, Hurricane Maria severely affected Adjuntas, Puerto Rico, leading to a subsequent solar project collaboration between Rivian, the Honnold Foundation, and Casa Pueblo to establish a microgrid in the area.

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. Other backers at the time included existing investors Abdul Latif Jameel and Sumitomo Corporation.

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.

February 15, 2019: Amazon leads $700 million investment round into Rivian

On February 15, 2019, Amazon led an investment round of $700 million into Rivian, with participation from existing shareholders.

February 2019: Rivian Employment Growth

By February 2019, Rivian had expanded to employ 750 people across its 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 Amazon, Inc., one of its investors.

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.

June 15, 2019: Rivian announces solar project collaboration 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, a city that was severely affected by Hurricane Maria in 2017.

September 10, 2019: Cox Automotive invests in Rivian

On September 10, 2019, Cox Automotive invested $350 million into Rivian, bringing the total raised in 2019 to $1.5 billion. Cox Automotive planned to add a representative to Rivian's board as part of the investment.

December 2019: Rivian raises $1.3 billion in funding round

In December 2019, Rivian announced it raised US$1.3 billion in a funding 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 agrees to sell vans exclusively to Amazon

In 2019, Rivian and Amazon reached an agreement requiring Rivian to sell all of its produced vans to Amazon exclusively.

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.

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July 2020: Tesla Lawsuit Against Rivian

In July 2020, Tesla sued Rivian, alleging the theft of proprietary information and the poaching of employees.

July 2020: Rivian's expansion plans for Normal factory approved

In July 2020, the town council approved Rivian's plans to add 576,000 sq ft to its production facility in Normal, Illinois.

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, but those plans were canceled in 2020.

2020: Rivian planned to launch microgrid project in Puerto Rico

Rivian planned to launch in 2020 a solar project collaboration with the Honnold Foundation and nonprofit Casa Pueblo aimed at establishing a microgrid in Adjuntas, Puerto Rico, using repurposed battery packs from its development vehicles into stationary energy storage units.

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. Bloomberg estimated the company's value at nearly $28 billion.

March 2021: Rivian announces plans for charging station network

In March 2021, Rivian announced its plans to develop a network of public charging stations across the United States and Canada by the end of 2023, exclusively for Rivian owners. The network would include fast chargers and destination chargers, as well as home chargers, with initial charging speeds of 200 kW and a target of 300 kW.

March 2021: Illinois Automobile Dealers Association Lawsuit

In March 2021, Rivian, along with Lucid Motors, faced a lawsuit from the Illinois Automobile Dealers Association regarding their direct-to-consumer sales model for electric vehicles.

April 2021: Amazon electric delivery van testing in Denver

In April 2021, Amazon started testing its 150-mile prototype electric delivery van in Denver, with plans to expand testing to 16 U.S. cities across various climate zones.

June 2021: R1T Shipment Delay

In late 2020, Rivian planned to begin shipments of the R1T in June 2021, but the date was later pushed back to August 2021.

July 2021: Amazon electric delivery van testing underway in Oklahoma and Michigan

By July 2021, Amazon had expanded testing of its electric delivery vans to Oklahoma and Michigan.

July 2021: Rivian to install Waypoint chargers at Tennessee state parks

In July 2021, Rivian and the state of Tennessee announced plans to install Waypoint chargers at all 56 Tennessee state parks. Rivian planned to begin site surveys and engineering over the summer, with installation beginning as early as fall 2021.

July 2021: Rivian plans to install Waypoint chargers in Colorado State Parks

Starting July 2021, Rivian intended to install two Rivian Waypoint chargers at up to 50 Colorado State Parks and state recreation areas. These Waypoint chargers are designed to be usable by all electric vehicles with a J1772 connector.

July 23, 2021: Rivian raises $2.5 billion in funding round

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. By then, the firm had raised a total of approximately $11 billion.

September 2021: Rivian's First Fully Electric Pickup

In September 2021, Rivian became the first automaker to introduce a fully electric pickup truck to the consumer market, surpassing competitors like GM, Ford, and Tesla.

September 2021: First Rivian Waypoint chargers installed near Moab, Utah

In September 2021, Rivian installed its first Waypoint 11.5 kW chargers near Moab, Utah. These Waypoint chargers are designed to be usable by all electric vehicles with a J1772 connector.

October 1, 2021: First Rivian Waypoint charger site unveiled at Radnor Lake State Park

On October 1, 2021, Rivian unveiled its first Waypoint charger site at Radnor Lake State Park in Tennessee, as part of its partnership with the state to install chargers at all 56 Tennessee state parks.

October 2021: Amazon owns 20% stake in Rivian

In October 2021, Amazon stated that it owned a 20% stake in Rivian.

October 2021: Rivian announces further expansion plans for Normal factory

In October 2021, Rivian announced plans to expand its Normal factory with a 623,000 sq ft addition, potentially bringing the total facility size to 3,900,000 sq ft.

October 2021: R1T Customer Deliveries Begin

In October 2021, Rivian officially started delivering its R1T truck to customers.

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 each, valuing the company at $66.5 billion. The stock began trading on the Nasdaq under the ticker "RIVN".

November 13, 2021: Rivian stock price peaks

On November 13, 2021, Rivian's stock price reached its peak at a closing price of $146.07.

November 2021: Rivian stock price declines from peak

From November 13, 2021, the Rivian stock price fell more or less continuously during the tech sell-off in early 2022 to reach $30.68 on April 26, 2022.

November 2021: Rivian completes IPO

In November 2021, Rivian completed its IPO with net proceeds to the firm of $13.5 billion. The actual offering price was $78.00 per share. On its first trading day on November 10, the stock closed at $100.73 per share with a market value of just under $100 billion.

November 2021: Laura Schwab Lawsuit

In November 2021, Rivian's former sales and marketing VP, Laura Schwab, filed a lawsuit claiming wrongful termination after raising concerns about discrimination, a "boys' club" environment, underpriced vehicles, and non-conforming manufacturing processes.

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

On November 19, 2021, Ford and Rivian announced that they no longer plan to co-develop an electric vehicle. Originally, both companies had planned the joint development of a vehicle for Ford's luxury Lincoln brand. Ford continued to hold a stake in Rivian, valued at over $10 billion.

November 19, 2021: Ford and Rivian End EV Co-Development Plans

On November 19, 2021, Ford and Rivian announced they would no longer 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.

December 2021: Rivian Reports Pre-Orders

In December 2021, Rivian reported over 71,000 pre-orders for its R1 models.

December 2021: Rivian announces plans to build Georgia battery and assembly plant

In December 2021, Rivian revealed plans to construct a $5 billion battery and assembly plant east of Atlanta, with construction scheduled to begin in summer 2022 and car production targeted for 2024. The plant aimed to manufacture up to 400,000 vehicles annually and employ 7,500 to 10,000 workers.

December 2021: COO Departure and R1S Deliveries Begin

In December 2021, Rod Copes, Rivian's chief operations officer, stepped down as the company began to increase production of its vehicles and Rivian also started to deliver its R1S SUVs.

December 2021: R1T Named Motor Trend Truck of the Year

In December 2021, the R1T received the honor of being named Motor Trend's Truck of the Year.

March 1, 2022: Price Increases Announced

On March 1, 2022, Rivian announced price increases of 17% for the R1T and 20% for the R1S, citing component shortages and higher costs, leading to customer backlash and a subsequent apology.

March 14, 2022: Frank Klein Hired as COO

On March 14, 2022, Rivian announced the appointment of Frank Klein as its new Chief Operations Officer (COO).

March 2022: Rivian on TIME's List of 100 Most Influential Companies

In March 2022, Rivian was recognized as one of TIME's 100 Most Influential Companies of the year.

April 2022: Rivian market value declines

By the end of April 2022, Rivian's market value had declined to roughly $29 billion, a loss of 79 percent from its peak in November 2021.

April 26, 2022: Rivian stock price reaches $30.68

On April 26, 2022, Rivian's stock price reached $30.68, a significant decline from its peak in November 2021. The market value at the end of April 2022 had declined to roughly $29 billion, a loss of 79 percent.

May 9, 2022: Rivian stock price reaches all-time low

On May 9, 2022, Rivian's 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 fall

At the beginning of May 2022 the Rivian 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: Frank Klein Joins Rivian as COO

On June 1, 2022, Frank Klein officially began his role as the Chief Operations Officer (COO) at Rivian.

July 2022: Deployment of Amazon electric delivery vans begins

In July 2022, Amazon started deploying its electric delivery vans in nine U.S. cities.

July 27, 2022: Workforce Reduction Announced

On July 27, 2022, Rivian announced it would reduce its workforce by 6% due to economic pressures like high inflation and rising parts prices.

August 2022: Soros Sells Shares and Base Model R1T Eliminated

In August 2022, investor George Soros sold approximately $8.5 million worth of Rivian shares, and Rivian announced it would discontinue the base model R1T (Explore package) due to low demand.

September 2022: Partnership with Mercedes-Benz Group Announced

In September 2022, Rivian signed a Memorandum of Understanding (MoU) with Mercedes-Benz Group to form a joint venture for producing large commercial electric vans in Europe.

October 2022: Voluntary Vehicle Recall Issued

In October 2022, Rivian issued a voluntary recall of 13,000 vehicles after receiving seven reports of loose torque bolts.

December 2022: Rivian and Mercedes-Benz Partnership Plan Halted

In December 2022, Rivian announced that the previously planned partnership with Mercedes-Benz Group would not proceed, but future collaborations remained possible.

2022: Waypoint charger installations in Colorado delayed until early 2022

By October of 2021, Rivian had planned to install Waypoint chargers at Colorado State Parks and state recreation areas starting in July 2021, but none had yet been installed, because the contract was still making its way through state government bureaucracy with first installations expected in early 2022.

2022: Construction planned for Rivian battery and assembly plant

Construction was planned to begin in the summer of 2022 for Rivian's $5 billion battery and assembly plant east of Atlanta.

May 2023: Rivian R2 clay model previewed

In May 2023, during a recorded conversation, Rivian showcased a shrouded clay model of the upcoming R2 SUV, revealing a smaller, boxier design compared to the R1S. The conversation was between R.J. Scaringe and Rivian lead designer Jeff Hammoud.

June 2023: Rivian to adopt North American Charging System

In June 2023, it was reported that Rivian would adopt the North American Charging System (NACS) for its vehicles in North America, beginning with the 2025 model year.

June 2023: Rivian R2 price range and pickup truck version reported

In June 2023, reports indicated that the Rivian R2 would be priced between $40,000 and $60,000 at launch, making it more affordable than the R1 models. It was also suggested that a pickup truck version of the R2 might be developed alongside the SUV.

June 20, 2023: Adoption of Tesla's NACS Charging Standard

On June 20, 2023, Rivian announced that it would incorporate Tesla's North American Charging System (NACS) into its R1T trucks, R1S SUVs in 2025, and R2 platform.

July 27, 2023: Rivian stock price reaches period high

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

October 2023: New Georgia Manufacturing Facility Announced

In October 2023, Rivian announced plans to open a new manufacturing facility in Georgia, with an annual production capacity of 400,000 units.

October 2023: End of Exclusivity Deal with Amazon

In October 2023, Rivian ended its exclusivity deal with Amazon, which now allows the company to supply its electric delivery vehicles to other commercial customers.

October 26, 2023: Rivian share price declines after convertible green note

On October 26, 2023, the Rivian share price declined to a daily low of $15.88 after a $1.5bn convertible green note was received poorly by the financial markets.

December 2023: Largest institutional shareholders of Rivian

In December 2023, approximately 28% of Rivian's shares were held by insiders, with the 10 largest institutional shareholders holding the rest.

December 2023: AT&T to trial Rivian's trucks

In December 2023, the telecommunications company AT&T announced that it would take delivery of trucks from Rivian as part of a trial process for its fleet.

2023: Amazon and Rivian renegotiate exclusivity agreement

In early 2023, Amazon informed Rivian of its intent to purchase approximately 10,000 vans, which led Rivian to request the removal of the exclusivity clause in their agreement. Amazon agreed, allowing Rivian to pursue other commercial customers. The vans are Rivian vans, intended for commercial use.

2023: Target completion date for Rivian charging network

Rivian planned to complete the development of a network of public charging stations across the United States and Canada by the end of 2023. Usage will be restricted to Rivian owners only.

February 21, 2024: Layoffs Announced

On February 21, 2024, Rivian announced it would be laying off 10% of its salaried workers starting on February 23, 2024.

March 7, 2024: R2 and R3 Models Unveiled

On March 7, 2024, Rivian unveiled the R2 SUV, starting at $45,000, and the R3, which will cost even less than the R2.

March 2024: Georgia Factory Project Paused

In March 2024, the project to open a factory in Georgia was put on hold for financial reasons.

June 25, 2024: Volkswagen Group Investment Announced

On June 25, 2024, Volkswagen Group announced its intention to invest up to $5 billion in Rivian. The investment will begin with an initial $1 billion.

July 29, 2024: Green Light for Joint Venture

On July 29, 2024, Germany's competition authority gave the green light to the form of the joint venture between Rivian and Volkswagen Group.

November 2024: Georgia Factory Project Restarts with Federal Loan

In November 2024, the factory project in Georgia was restarted after the federal government, under the Biden Administration, announced a $6 billion loan for the factory.

2024: Volkswagen to form joint venture with Rivian

In 2024, Volkswagen announced they would form a joint venture with Rivian.

2024: Rivian puts Georgia plant construction on hold

In early 2024, Rivian announced that it was putting on hold construction of its Georgia plant, despite significant land grading. All vehicles would continue to be made in the Normal plant.

2024: Rivian expected to meet employment targets

Rivian received $49.5 million in tax credits from the Illinois state government; these credits are also contingent upon meeting employment targets and investing at least $175 million into the Normal plant site by 2024.

February 2025: Rivian opens orders for electric commercial vans

In February 2025, Rivian began accepting orders for its electric commercial vans (ECVs) from business fleet customers.

February 2025: Electric Commercial Van (ECV) Orders Opened

In February 2025, Rivian opened up orders for their Electric Commercial Van (ECV) to businesses managing fleets.

2025: Rivian vehicles to use North American Charging System

Rivian's vehicles in North America are expected to incorporate the North American Charging System beginning in the 2025 model year.

2026: Rivian R2 launch and deliveries scheduled

In 2026, the Rivian R2, a smaller, less-expensive SUV on a new platform, is tentatively scheduled for launch, with deliveries also expected to begin in 2026. Initial production to start at the Normal, IL facility.