Rivians

RIVN Stock: Rivian’s the Latest ‘If You Build the EV, Will They Come?’ Story

Rivian Automotive (NASDAQ:RIVN) stock has already had a wild ride, as it starts mass production of an electric pick-up truck.

The back of a silver Rivian (RIVN) pick-up truck.

Source: Miro Vrlik Photography / Shutterstock.com

Shares opened at $78 on Nov. 10. This brought Rivian $12 billion in cash, Their value then took off in the first week of trading, peaking at $178 each on Nov. 16.

The shares fell back to earth when the company announced it was no longer working with Ford Motor (NYSE:F), which still owns 12% of the stock. Rivian stock closed last week at about $112, a fall of more than 30%. But Rivian still has a market capitalization nearing $100 billion.

The loser was Ford, a century-old auto giant. It’s now worth just $78.9 billion as it ramps up its own electric vehicle efforts. The fall in Rivian’s price also cut $3.6 billion off the value of Ford’s Rivian

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Rivian’s Former Tesla Employees Lead Debut of 3 New Electric Vehicles

Rivian Automotive Inc. will soon set off on an aggressive sprint to upend the electric-vehicle business, with plans to start selling three models — a pickup truck, SUV and delivery van — in a matter of months. For this ambitious effort, it has harnessed powerful weapons: Former Tesla Inc. engineers who launched the company’s Model 3 sedan. 

Charly Mwangi, Rivian’s manufacturing chief, and Nick Kalayjian, head of engineering, played key roles in bringing Tesla’s lowest-priced car to market in 2018. Each briefly worked at other startups before being lured to Rivian by the unique thrill of launching new vehicles, including the R1T, a truck geared to outdoor enthusiasts, that will go on sale in June.

They are not alone. Bloomberg has identified more than 50 high-level roles at Rivian occupied by former Tesla employees, from director to executive vice president. Including senior managers, that number rises to more than 100.

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