Rivian Automotive, Inc., an American company founded in 2009, manufactures electric vehicles and outdoor recreation products. Their flagship products are the R1T electric pickup truck and the R1S electric SUV, both built on a versatile "skateboard" platform. Rivian also produces electric delivery vans (EDV). Deliveries of the R1T began in late 2021. The company is also developing an exclusive charging network across the United States and Canada.
2009: Rivian Automotive Founded
Rivian Automotive, Inc. was founded in 2009 as an American electric vehicle manufacturer and automotive technology company.
2009: Rivian Receives Initial Seed Funding
Rivian CEO Scaringe made the initial seed investment in the company in 2009.
2011: Rivian Focuses on Electric and Autonomous Vehicles
After several name changes, the company settled on Rivian Automotive in 2011 and shifted its focus to autonomous and electric vehicles.
2011: Rivian Files Form D, Reports Debts and Warrants
Rivian filed a Form D in 2011, reporting debts and warrants totaling $250,000.
2011: Rivian Shelves Plans for a Sports Car
Rivian's initial plan to develop a sports car, the R1, was shelved in late 2011 as the company decided to pursue a broader impact on the automotive industry.
2012: Rivian Files Second Form D, Reports Increased Debts and Warrants
In 2012, Rivian filed another Form D, indicating debts and warrants totaling $1 million. Jeddah-based Abdul Latif Jameel claimed to be the company's earliest investor.
2013: No Funding Announcements for Rivian
There were no public announcements or filings regarding funding for Rivian from 2013 to 2016.
2015: Rivian's Growth and Expansion
Rivian received significant investment and expanded its operations in 2015, opening research facilities in Michigan and the San Francisco Bay Area.
September 2016: Negotiations for Mitsubishi's Plant
In September 2016, Rivian began negotiations to acquire a manufacturing plant in Normal, Illinois, previously owned by Mitsubishi Motors.
2016: No Funding Announcements for Rivian
There were no public announcements or filings regarding funding for Rivian from 2013 to 2016.
January 2017: Acquisition of Mitsubishi's Plant
Rivian successfully acquired the Mitsubishi plant in January 2017 for $16 million, securing its primary North American manufacturing facility.
January 2017: Rivian Receives Grant and Tax Incentives for Normal, Illinois Factory
When Rivian acquired the former Mitsubishi plant in Normal, Illinois, in January 2017, the company received a $1 million grant and a five-year tax abatement from the town of Normal. This was contingent on Rivian meeting specific employment targets and investing $40.5 million over five years.
December 2017: Sumitomo Corporation Makes Strategic Investment in Rivian
Sumitomo Corporation made a significant strategic investment in Rivian in December 2017, although the exact amount was not disclosed.
December 2017: Unveiling of the A1T and A1C
Rivian unveiled its first two products, an electric pickup truck (A1T) and an electric SUV (A1C), in December 2017.
May 23, 2018: Rivian Secures Debt Financing from Standard Chartered Bank
On May 23, 2018, Rivian closed on a $200 million debt financing deal with Standard Chartered Bank. This brought the total funds raised to over $450 million.
November 2018: R1T and R1S Unveiled at LA Auto Show
The A1T and A1C were renamed R1T and R1S, respectively, and officially unveiled at the LA Auto Show in November 2018.
December 20, 2018: Rivian Partners with Alex Honnold
On December 20, 2018, Rivian announced a partnership with professional rock climber Alex Honnold, who became a brand partner and collaborator.
2018: 250 Employees at the Start of 2018
At the beginning of 2018, Rivian had a workforce of 250 employees.
2018: Unveiling the Rivian R1S
The Rivian R1S was unveiled in 2018, a sports utility vehicle built on Rivian's first platform. Sharing a common electric chassis with the R1T, the R1S design aimed for 91 percent shared components, including braking, suspension, cooling systems, and a centrally positioned battery. This "skateboard" platform, a characteristic of electric vehicles, allowed for versatile modifications to accommodate various body types.
February 2019: Rivian's Workforce Grows to 750
By February 2019, Rivian's workforce had grown significantly, reaching 750 people across various facilities.
February 2019: Rivian and Amazon Enter Commercial Agreement
Rivian entered into a commercial agreement with Amazon, one of its investors, in February 2019.
February 15, 2019: Amazon Leads $700 Million Investment Round in Rivian
On February 15, 2019, Amazon led a $700 million investment round in Rivian, with participation from existing shareholders.
April 24, 2019: Ford Motor Company Invests $500 Million in Rivian
Ford Motor Company invested $500 million in Rivian on April 24, 2019, at a pre-money valuation of $4.5 billion.
June 15, 2019: Rivian Announces Solar Microgrid Project in Puerto Rico
During a live stream on June 15, 2019, Rivian announced a collaborative solar project with the Honnold Foundation and Casa Pueblo. The project aimed to establish a microgrid in Adjuntas, Puerto Rico, providing residents with access to electricity.
September 10, 2019: Cox Automotive Invests $350 Million in Rivian
On September 10, 2019, Cox Automotive made a $350 million investment in Rivian. This brought the total funds raised in 2019 to $1.5 billion.
September 2019: Amazon and Rivian Collaborate on Electric Delivery Vans
Amazon's Logistics division formalized an agreement in September 2019 to collaborate with Rivian on designing, producing, and procuring 100,000 electric delivery vehicles (EDVs). Initial projections suggested a first delivery date in 2021, and by 2019, Amazon anticipated having 10,000 electric vans in operation by 2022. However, Amazon's plan was to receive the full 100,000 Rivian vans stipulated in the contract by 2030.
December 2019: Rivian Raises $1.3 Billion in Funding Round Led by T Rowe Price
In December 2019, Rivian announced a successful funding round, raising US$1.3 billion. The round was led by investment manager T Rowe Price, with participation from existing investors Ford and Amazon, as well as new investors Pario Ventures and BlackRock-managed funds.
2019: Rivian Partners with "Long Way Up"
In 2019, Rivian partnered with the British TV series "Long Way Up," providing prototypes for use as logistics vehicles and camera cars. They also set up 240 Level 2 charging stations along the route.
2019: Exclusivity Agreement Between Rivian and Amazon
As per the terms outlined in the 2019 agreement, Rivian was obligated to sell all of its manufactured vans exclusively to Amazon.
July 2020: Tesla Sues Rivian
In July 2020, Tesla filed a lawsuit against Rivian, alleging the theft of proprietary information and employee poaching.
July 2020: Rivian Factory Expansion Plans Approved
In July 2020, the town council approved Rivian's plans to add 576,000 square feet to its production facility in Normal, Illinois.
November 2020: Rivian's Workforce Reaches Over 3,000
Rivian's employee count exceeded 3,000 in November 2020, demonstrating its rapid expansion.
2020: Planned Shipments of R1T
Rivian planned to begin shipments of its R1T pickup truck in late 2020.
2020: Ford and Rivian Cancel Joint Electric Vehicle Development Plans
The originally planned joint development of an electric vehicle for Ford's Lincoln brand by Ford and Rivian was canceled in 2020.
2020: Planned Production Start
Rivian announced its production schedule, aiming to commence production of its vehicles in 2020.
January 19, 2021: Rivian Raises $2.65 Billion in Funding Round Led by T. Rowe Price and Soros Fund Management
On January 19, 2021, Rivian raised $2.65 billion in a funding round led by existing investor T. Rowe Price and Soros Fund Management. Other participants included Fidelity Management & Research, Coatue Management, BlackRock-managed funds, Abdul Latif Jameel, Amazon (through its Climate Pledge Fund), and new investor D1 Capital Partners.
March 2021: Illinois Automobile Dealers Association Sues Rivian
In March 2021, the Illinois Automobile Dealers Association filed a lawsuit against Rivian and Lucid Motors, challenging their direct-to-consumer sales model for electric vehicles.
March 2021: Rivian Announces Ambitious Charging Network Plans
Rivian announced in March 2021 its ambitious plan to establish a network of public charging stations across the United States and Canada by the end of 2023. This network would be exclusively accessible to Rivian owners. Similar to its competitor Tesla, Rivian's plan encompasses a combination of fast chargers and slower destination chargers, along with the sale of home chargers.
April 2021: Expansion of Amazon EDV Testing
In April 2021, testing of the Amazon EDV prototype extended to Denver, with intentions to conduct trials in 16 U.S. cities across diverse climate zones.
June 2021: Initial Target Date for R1T Shipments
Rivian initially aimed to start R1T shipments in June 2021 but faced delays.
July 2021: Rivian and Tennessee Announce Waypoint Charger Installations
In July 2021, Rivian and the state of Tennessee announced a collaborative initiative to install Waypoint chargers at all 56 Tennessee state parks. The plan outlined that Rivian would initiate site surveys and engineering work during the summer, with installation slated to commence as early as fall 2021.
July 2021: Rivian Plans Waypoint Charger Installations in Colorado State Parks
In July 2021, Rivian set out to install two Rivian Waypoint chargers at up to 50 Colorado State Parks and state recreation areas. These Level 2, 11.5 kW chargers, referred to as "Rivian Waypoints," were designed to be compatible with all electric vehicles equipped with a J1772 connector. However, by October, no installations had taken place as the contract was still undergoing review within the state government bureaucracy. The first installations were expected in early 2022.
July 23, 2021: Rivian Raises $2.5 Billion in Funding Round Led by Amazon's Climate Pledge Fund
On July 23, 2021, Rivian secured $2.5 billion in funding led by Amazon's Climate Pledge Fund, D1 Capital Partners, and Ford Motor Company. Existing investors T. Rowe Price, Coatue Management, and Fidelity Management & Research also participated, along with new investors Third Point Ventures and Dragoneer Investment Group.
August 2021: Rivian Files for Initial Public Offering
Rivian filed for an initial public offering in August 2021, seeking a valuation of up to $80 billion. By this time, the company had raised approximately $11 billion in funding.
September 2021: First Waypoint Chargers Installed Near Moab, Utah
In September 2021, Rivian marked a milestone by installing the first Waypoint 11.5 kW chargers in the vicinity of Moab, Utah. These chargers were designed to be accessible to all electric vehicles featuring a J1772 connector.
September 2021: Rivian Becomes First to Market with an Electric Pickup
Rivian made history in September 2021 by becoming the first automaker to deliver a fully electric pickup truck to the consumer market.
October 1, 2021: First Waypoint Charger Unveiled at Radnor Lake State Park
The inaugural Rivian Waypoint charger in Tennessee was officially unveiled at Radnor Lake State Park on October 1, 2021, marking a significant step in the state's electric vehicle charging infrastructure expansion.
October 2021: Amazon Discloses 20% Stake in Rivian
In October 2021, Amazon publicly stated that it held a 20% stake in Rivian.
October 2021: Rivian Announces Further Factory Expansion
In October 2021, Rivian announced plans for an additional 623,000 square feet expansion to its Normal factory. If completed, this would bring the total facility size to 3,900,000 square feet.
October 2021: R1T Deliveries Commence
Rivian started delivering the R1T truck to customers in October 2021.
November 10, 2021: Rivian's IPO and Nasdaq Listing
Rivian went public on November 10, 2021, with its shares listed on the Nasdaq under the ticker "RIVN."
November 13, 2021: Rivian Stock Reaches Peak Closing Price
Rivian's stock price reached its highest closing price of $146.07 on November 13, 2021.
November 2021: Rivian's Stock Price Peaks
Rivian's stock price reached its highest point in November 2021 before experiencing a significant decline.
November 2021: Rivian's Workforce Exceeds 9,000
Rivian's workforce continued to grow rapidly, surpassing 9,000 employees in November 2021.
November 2021: Laura Schwab Sues Rivian
In November 2021, Rivian's former sales and marketing vice president, Laura Schwab, sued the company for wrongful termination, alleging discrimination and a "boys' club" culture. She also claimed to have raised concerns about vehicle pricing and manufacturing security standards that were initially ignored.
November 2021: Rivian's Initial Public Offering
Rivian went public through an IPO in November 2021, raising over US$13.5 billion in financing.
November 2021: Rivian Completes IPO, Raises $13.5 Billion
Rivian successfully completed its initial public offering in November 2021, raising $13.5 billion in net proceeds. The initial price targets were between $58 and $62 per share, but the actual offering price was set at $78.00 per share.
November 2021: Ford and Rivian End Plans for Joint Electric Vehicle Development
Ford and Rivian announced in November 2021 that they were no longer planning to co-develop an electric vehicle, canceling their initial plans for a joint vehicle under Ford's Lincoln brand.
November 19, 2021: Ford and Rivian End Joint Electric Vehicle Development
Ford and Rivian decided to discontinue their plans to jointly develop an electric vehicle in November 2021.
December 2021: Rivian Announces New Georgia Plant
In December 2021, Rivian revealed plans for a $5 billion battery and assembly plant east of Atlanta, with construction set to start in 2022 and production in 2024.
December 2021: Rivian Goes Public
Rivian became a publicly traded company in December 2021, listed on the Nasdaq stock exchange under the symbol RIVN.
December 2021: R1S Deliveries and COO Departure
Rivian began delivering its R1S SUVs in December 2021. The same month, COO Rod Copes retired from the company.
December 2021: Rivian Reports Strong Pre-Order Numbers
Rivian shared in December 2021 that it had received over 71,000 pre-orders for its R1 models.
December 2021: Rivian R1T Wins Motor Trend Truck of the Year
The Rivian R1T was honored with the prestigious Motor Trend Truck of the Year award in December 2021.
2021: Rivian Begins Deliveries of the R1T
Rivian started delivering its R1T pickup truck in late 2021, marking its entry into the electric vehicle market.
2021: Initial Delivery of EDVs Planned
The initial delivery of the EDVs was planned for 2021, as per the agreement between Rivian and Amazon.
March 1, 2022: Rivian Announces Price Increases
Rivian announced price increases for its R1T and R1S models on March 1, 2022, citing rising component costs and semiconductor shortages.
March 14, 2022: Rivian Appoints Frank Klein as COO
Rivian appointed Frank Klein as its new chief operations officer (COO) on March 14, 2022. Klein officially started on June 1, 2022.
March 2022: Rivian Included in TIME's 100 Most Influential Companies
In March 2022, Rivian was recognized as one of TIME's 100 Most Influential Companies, highlighting its impact on the industry.
April 2022: Rivian's Market Value Declines by 79%
By the end of April 2022, Rivian's market value had dropped to approximately $29 billion, representing a 79% decrease from its peak.
April 26, 2022: Rivian Stock Drops to $30.68 Amid Tech Sell-Off
The tech sell-off in early 2022 caused Rivian's stock price to decline steadily, reaching $30.68 on April 26, 2022.
May 9, 2022: Rivian Stock Reaches All-Time Low
Rivian's stock price continued to fall, hitting an all-time low of $22.78 on May 9, 2022. This marked an 85% decline from its peak in November 2021.
May 2022: Rivian Stock Continues to Fall in Early May
Rivian's stock price experienced further declines in early May 2022, contributing to the overall downward trend.
June 1, 2022: Frank Klein Begins Role as COO
Frank Klein assumed his position as Rivian's COO on June 1, 2022.
July 2022: Deployment of Amazon EDVs Begins
The deployment of Amazon's electric delivery vans commenced in nine U.S. cities in July 2022, marking a significant step in the company's transition toward an electrified fleet.
July 27, 2022: Rivian Announces Workforce Reduction
Rivian announced a 6% reduction in its workforce on July 27, 2022, in response to economic challenges such as inflation and rising interest rates.
August 2022: George Soros Sells Rivian Shares
Investor George Soros sold a portion of his Rivian shares in August 2022, possibly as part of an investment strategy or for tax purposes.
August 2022: Rivian Discontinues R1T Explore Package
Rivian announced in August 2022 that it would be discontinuing the base model of the R1T, known as the Explore package. The company attributed this decision to low customer demand and a strategic focus on the Adventure model. This streamlining effort aimed to address supply chain challenges and optimize vehicle delivery capabilities.
September 2022: Rivian and Mercedes-Benz Plan Joint Venture
Rivian and Mercedes-Benz Group signed an MoU in September 2022, outlining a plan to establish a joint venture for the production of electric vans in Europe.
October 2022: Rivian Issues Voluntary Vehicle Recall
Rivian issued a voluntary recall of 13,000 vehicles in October 2022 after receiving reports of loose torque bolts, prioritizing safety and customer satisfaction.
November 2022: Rivian Delivers 1,000 EDVs to Amazon
In November 2022, Rivian announced the delivery of 1,000 EDVs to Amazon. This milestone marked progress toward Amazon's goal of converting its delivery fleet to 100% renewable energy by 2030.
December 2022: Rivian Cancels Planned Joint Venture with Mercedes-Benz
Rivian decided not to proceed with the planned joint venture with Mercedes-Benz in December 2022, although future collaborations remain possible.
2022: Expected Installation of Waypoint Chargers in Colorado State Parks
The first installations of Rivian Waypoint chargers in Colorado State Parks were anticipated in early 2022, pending completion of the contract review process within the state government.
2022: Ford Sells Majority Stake in Rivian
Ford sold around 90 percent of its stake in Rivian by the end of 2022, capitalizing on the increased valuation of the company.
2022: Construction of Georgia Plant Begins
Construction of Rivian's Georgia plant is scheduled to begin in the summer of 2022.
2022: Rivian's Production in 2022
Rivian produced a total of 24,337 vehicles during 2022.
January 2023: Departure of Top Executives
Rivian faced the departure of several senior executives in January 2023, marking a challenging period for the company.
May 2023: Preview of Rivian R2 Model
During May 2023, a sneak peek of the R2 model was provided in the form of a covered clay model, showcased during a recorded conversation between R.J. Scaringe and Rivian lead designer Jeff Hammoud. As anticipated, the R2 appeared to be smaller in size compared to the R1S while maintaining a similar boxy design aesthetic.
June 2023: Rivian Embraces North American Charging Standard
In June 2023, Rivian revealed its adoption of the North American Charging Standard (NACS) for its vehicles in North America, commencing with the 2025 model year.
June 2023: Rivian R2 Pricing and Potential Pickup Version
Reports in June 2023 indicated that the R2 was projected to have a price range between $40,000 and $60,000 upon its launch. This pricing strategy would position it as a more affordable option compared to the R1 models. Additionally, there were suggestions that a pickup truck variant of the R2 might be developed alongside the SUV.
June 20, 2023: Rivian Adopts Tesla's Charging Standard
On June 20, 2023, Rivian made a significant announcement by revealing its plan to integrate Tesla's North American Charging Standard (NACS) into its R1T trucks and R1S SUVs starting in 2025. This move will also extend to Rivian's upcoming R2 platform. As early as the second quarter of 2024, owners of Rivian vehicles will have the opportunity to utilize adapters, enabling them to connect to Tesla's extensive Supercharger network.
July 27, 2023: Rivian Stock Recovers to Period High
Rivian's stock price showed significant recovery in the first half of 2023, reaching a period high of $28.06 on July 27, 2023.
October 2023: Rivian Expands Electric Delivery Vehicle Business
In October 2023, Rivian decided to end its exclusive agreement with Amazon for electric delivery vehicles (EDVs). This strategic move opened up opportunities for Rivian to supply its EDVs to other commercial customers.
October 26, 2023: Rivian Stock Declines After Convertible Green Note Offering
Rivian's momentum reversed after the company received a $1.5 billion convertible green note, which was met with negative sentiment in the financial markets. This resulted in the share price dropping to a daily low of $15.88 on October 26, 2023.
December 2023: Insider Ownership of Rivian Shares
In December 2023, around 28% of Rivian's shares were held by insiders, indicating a significant level of internal ownership.
December 2023: AT&T Trials Rivian's Electric Trucks
In December 2023, AT&T, the telecommunications company, revealed its intention to test Rivian's electric trucks as part of a trial process for its fleet. This move signals AT&T's interest in exploring the integration of electric vehicles into its operations.
2023: Rivian Targets Completion of Charging Network
Rivian aims to complete its charging network by the end of 2023. The network will consist of 600 Rivian-exclusive Adventure Network sites with 3,500 DC fast chargers strategically positioned at high-traffic locations. The initial charging speed is set at 200 kW, with a future target of 300 kW.
2023: Planned Exclusive Charging Network
Rivian announced plans to build an exclusive charging network in the United States and Canada by the end of 2023.
2023: Amazon and Rivian End Exclusivity Agreement
In early 2023, Amazon expressed its intention to purchase approximately 10,000 vans during the year. However, this quantity fell at the lower end of the range previously communicated to Rivian. In response, Rivian sought to renegotiate the exclusivity terms of the agreement. Consequently, Amazon agreed to terminate the exclusivity arrangement, granting Rivian the freedom to explore new commercial customers for its vans.
February 21, 2024: Rivian Announces Layoffs
Rivian announced on February 21, 2024 that they would be laying off 10% of its salaried workforce starting on February 23, 2024.
February 23, 2024: Rivian Initiates Layoffs
Rivian initiated the layoff of 10% of its salaried workforce on February 23, 2024, as announced earlier.
March 7, 2024: Rivian Delays New Manufacturing Facility
Rivian announced a delay in the construction of their new manufacturing facility on March 7, 2024. The facility, located about 40 minutes away from Atlanta, Georgia, was planned to have an annual production capacity of 400,000 units upon completion.
2024: Deadline for Rivian to Meet Illinois Tax Credit Requirements
Rivian has until 2024 to meet the employment targets and investment requirements to qualify for the $49.5 million in tax credits from the Illinois state government.
2024: Production Planned to Begin at Georgia Plant and Construction Put on Hold
Rivian's Georgia plant is expected to start production in 2024. However, the company announced a hold on construction in early 2024, despite land grading being nearly complete.
2025: Implementation of NACS in Rivian Vehicles
The implementation of the North American Charging Standard (NACS) in Rivian vehicles is set to begin with the 2025 model year, reflecting Rivian's commitment to enhancing charging compatibility for its customers.
2026: Rivian R2 Launch and Production
The launch of the Rivian R2, a smaller and more budget-friendly SUV built on a new platform, is tentatively scheduled for early 2026. Initial production is slated to commence at the Normal, Illinois facility before transitioning to a new factory under construction in Georgia. Deliveries of the R2 are anticipated to begin in 2026.
2030: Amazon Targets Full EDV Fleet by 2030
Amazon aimed to have the complete fleet of 100,000 Rivian EDVs by 2030 as part of their sustainability plan.