Look out Tesla, Rivian’s electric powered ute has hit the market

Tesla competitor, Rivian has developed an electronic ute, set to launch the start-up into the big leagues.

The company has gone from a little-known start-up to an establishment valued at over $US100 billion.

So far, 150 of these impressive electric-powered vehicles have been delivered to customers.

Rivian Electric Ute
Source- Car Expert

Despite it being early days, Wall Street is already betting on Rivian being the next big thing in the Tesla dominated market.

Rivian Automotive was founded by Robert Scaringe in 2009.

The company is based in California and specialises in the production of electronic cars, their main focus being SUVs, trucks, and vans.

Originally called Mainstream motors, Rivian made its debut on Nasdaq last Wednesday.

Following the debut, Rivian skyrocketed to the second most valuable car manufacturer in the US, following Tesla.


View this post on Instagram


A post shared by Rivian (@rivianofficial)

It hasn’t been smooth sailing for Rivian, with the company losing $US426 million in 2019 and $US1 billion last year.

The company is owned largely by Amazon, having a 20 per cent stake in the company.

Coming in as the second-largest shareholder is Ford Motor at 12 per cent, with half a billion dollars invested in 2019 alone.

Founder Robert Scaringe graduated from MIT’s Sloan Automotive Lab and personally has a $US1.7 billion stake in Rivian.

The company has manufactured two vehicles to date, including the new RIT pick-up and the R1S SUV.

You may want to start saving your pennies now… with the market price of the R1T listed at $US67,500 ($92,300AUD).

A contract has been developed with Amazon to build 100,00 electric delivery vans at its Illinois factory.

The company wants to have 1 million vehicles being made per year by the end of the decade.

Tesla has successfully hacked the passenger car market but they better watch out…Rivian is set to dominate the truck and van scene.