Rivian’s Fight to Lead the Electric Vehicle Revolution

• Rivian’s shares have returned to earth after its blockbuster IPO.
• The startup is facing more scrutiny as a public company.
• Rivian is attempting to launch three new vehicles this year.

In a crowded pack of electric-vehicle startups looking to emulate the success of Tesla, Rivian leaped to the head with a blockbuster IPO in late 2021. Now facing a number of challenges, from production ramp-up to shareholder lawsuits, investor enthusiasm has cooled and Rivian is looking to prove its mettle as a long-term player in the industry.

After its first day of trading on the Nasdaq in November, Rivian closed at $100.73 a share, well above its $78 IPO price. That gave the startup a valuation around $86 billion, surpassing the likes of Ford and General Motors.

Since this white-hot run, Rivian’s shares have returned to Earth — trading some $60 lower than its IPO price in the fall — as the company meets some of its biggest challenges yet. Chief among these early obstacles for Rivian has been the company’s bid to launch production of two electric trucks and a delivery van this year.

Below, you can read more about Rivian’s leadership and the EV startup’s early days as a public company.

Rocked by executive turnover

Rivian’s C-suite has changed shape in the last few years as the company begins to look more like a techy startup than a traditional car company. The most recent high-profile departure came at the start of the year, when Chief Operating Officer Rod Copes retired amid Rivian’s initial production ramp-up.

Read more:

Turnover at the top for Rivian could complicate crucial production launches.

Rivian, Tesla, and other EV players are locked in a war for talent. Here’s how to land a job by acing the interview, according to top recruiters.

Rivian missed its 2021 vehicle production target by 15%

Shareholder scrutiny

After raising prices on its vehicles last month, Rivian ruffled the feathers of both consumers and investors. A number of class-action shareholder lawsuits popped up, accusing the company of artificially inflating its share price and misleading investors about the price of their vehicles prior to Rivian’s IPO.

Read more:

Rivian faces multiple shareholder suits claiming it misled investors pre-IPO

Rivian backtracks on $12,000+ price hikes after outrage from preorder holders

Rivian’s clutch deal with Amazon could come back to bite the startup after its IPO

Growing pains

As Rivian ramps up production of its three flagship vehicles — a pickup truck, an SUV, and an Amazon delivery van — the startup has had to navigate some hiccups along the way. From supply-chain issues to learning how to sell cars directly to customers to problems with employee morale, the startup has had to deal with some serious growing pains in 2022. All while it races to meet its year-end production goal of 25,000 vehicles.

Read more:

Experts share their takeaways from 3rd-quarter woes at Rivian

Insiders say morale ‘sucks’ at electric-vehicle startups like Rivian

Investors are giving up on the ‘next Tesla’ as startups like Rivian

The direct-to-consumer sales model Rivian touts as a key unlock could hamstring them in booking revenue

Are you a current or former Rivian employee? Do you have a news tip or opinion you’d like to share? Contact this reporter at [email protected] from a nonwork device.