Rivian is the hottest automaker of today, and everyone keeps asking who owns rivian.
Rivian has been making headlines. The maker of electric vehicles launched the 2022 Rivian R1T pickup truck, and will soon add production of the Rivian R1S three-row SUV.
The company also has a contract for 100,000 electric delivery vehicles for Amazon Prime. It will continue to expand to fulfill fleet orders for other customers.
Rivian went public 2021, on November 10, 2021. The stock opened at $106.75. This was higher than the initial public offering price of $78 per share. It rose to $119 before closing at $100.73. Rivian’s opening day market value was just shy of $100 Billion, which is higher than General Motors and Ford, which have billions in revenue and millions in sales. Rivian, on the other hand, hopes to deliver its first 1,000 vehicles before 2021. Rivian has yet to generate revenue as it uses its capital to bring its first vehicles on the market at the Mitsubishi plant it purchased, expanded, and retooled here in Normal, Illinois in 2017.
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Is Rivian Owned By Ford?
No. Rivian is owned by Rivian. It was established by RJ Scaringe in 2009. At first, it was Mainstream Motors. Then, briefly, it was Avera Automotive.
Rivian was renamed after a small team and an original idea to create a mid-engine hybrid sportscar. The original idea was abandoned and the company eventually saw a future in electric SUVs and trucks that were adventure-oriented.
Although it is now publicly traded, it was supported by big names, including Ford and Amazon. Both of these companies had vested interests.
Rivian and Amazon collaborated closely to design the delivery vans that were being assembled at the Normal Rivian plant. As part of a pilot program, vans ran around the city streets to find bugs before filling orders with production vans that will be in service delivering packages. Rivian is owned by Amazon at around 20 percent.
How Much Of Rivian Is Owned By Ford?
Ford had a vested interest in Rivian’s initial plans to make an electric SUV for Lincoln. Rivian’s Skateboard EV chassis would have been used in the luxury SUV. Lincoln designed the “top hat”. Rivian was to also build it at the Normal plant.
Ford, however, announced in April 2020 that it had changed its plans to build its own Lincoln EV using its new electric vehicle platform and assembled at a Ford facility. Jim Farley, Ford CEO, stated that the two automakers are still working together with mutual respect and admiration. He also said that they have a shared strategic vision and will continue to do so for many years. Rivian will also receive some parts, engineering, and tooling from Ford. While Rivian was still building its body shop in Normal, a Ford subsidiary made the prototype bodies in white for Amazon and Rivian pre-production vehicles.
Rivian has been proving to be an excellent investment. Ford’s share in Rivian was about 13 percent. The roughly $1.2 billion invested by Ford was worth approximately $9 billion at the beginning of trading. Rivian also had a Ford representative, but this was removed before the company went public.
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Rivian Investors Keep Growing – Is Amazon Not Backing It?
Cox Enterprises is another investor. They are also working with Rivian to develop digital retailing, logistics, and service. Rivian will be following Tesla’s direct sales model instead of traditional dealers.
T. Rowe Price, a global asset firm, is also a major investor. Other financial companies that invested before the IPO were Fidelity Management and Research Company (D1 Capital Partners), Third Point, Dragoneer Investment Group, and Franklin Templeton. Rivian has attracted the attention of investors who speculate it could be the next Tesla. was also an EV startup and its market value reached $1 trillion in October 2021.
Rivian’s headquarters is in Irvine, California. However, Rivian retains the Engineering and Design Center, Plymouth, Michigan. This was once the headquarters of Rivian until it was decided to move the headquarters to Irvine. There are also offices in California and Canada.
Time to Grow Products and Production
Scaringe will use the funds raised in the IPO to expand his Rivian line to include more vehicles constructed on the R1 platform, a smaller family of vehicles, and Rivian-badged overland or adventure vans as well as vans for customers.
He also desires a second plant to fulfill the forecasted demand. Rivian should also be able to manufacture battery systems and drivetrains within the company. Rivian is also working on a charging network, which will include off-road locations for plugging in.