Rivian
- Rivian has started producing its debut vehicle, the R1T electric pickup truck.
- The vehicle has generated positive first impressions.
- Experts consider Rivian the most promising contender among today’s EV startups.
- See more stories on Insider’s business page.
A new generation of electric-vehicle startups is preparing to give US consumers their first new automotive brands to choose from since Tesla debuted in 2008. The first one to arrive will be Rivian, which started building its R1T pickup truck in September.
The vehicle has generated positive first impressions, including from Insider’s Tim Levin, who wrote that the R1T “completely flips the script on what a pickup can be” after driving it. Whether customers have a similar impression remains to be seen, but the company has put itself in a strong position to take on the many challenges that come with starting an automaker.
Rivian has raised more money than any of its rivals, landed an investment and delivery-van order from Amazon, and is preparing for an IPO later this year. The company is aiming for a valuation of around $80 billion, Bloomberg reported, many times larger than the roughly $2 billion valuation Tesla received during its 2010 IPO.
Read on to learn more about the R1T, why investors and experts think Rivian’s the top contender among today’s generation of EV startups, and what you can do to position yourself to land a job there.
Carlos Delgado/Associated Press
Rivian CEO RJ Scaringe founded the startup in 2009 when he was 26. He first intended to build an electric sports car to take on Tesla’s Roadster, but changed his mind a few years later. After spending most of the 2010s revamping the company, Scaringe reintroduced Rivian in 2018. Now, Scaringe is a billionaire who’s been compared to Jeff Bezos and legendary General Motors CEO Alfred Sloan. The coming years will determine whether he can become a serious challenger to Tesla CEO Elon Musk.
- Read more:
- Meet Rivian CEO RJ Scaringe, who’s been called the next Jeff Bezos as he electrifies Amazon’s delivery vans
- An Amazon and Rivian investor says the way CEO RJ Scaringe sees the future reminds him of Jeff Bezos in 1994
- The CEO of EV startup Rivian explains why he thinks it will beat Audi, Mercedes-Benz, and BMW with its first 2 electric vehicles
Investors have poured $11 billion into the company
Rivian
Rivian has so far raised $11 billion, according to Pitchbook, a sum no other EV startup has matched. Last year, Insider surveyed some of Rivian’s investors to learn why they decided to back the company. They explained what made Rivian stand out from its competitors.
- Read more:
- Early Rivian investors explain the 3 factors that could make the Amazon-backed startup the next Tesla
- No burnouts, no alien dreadnoughts: How Rivian’s culture and simple manufacturing strategy could help it avoid Tesla’s growing pains
Experts think Rivian is the real deal
Phillip Faraone/Getty Images for Rivian
Tesla’s success and government regulations aimed at reducing carbon emissions have put EVs, which accounted for just 2% of US auto sales in 2020, on the path to mainstream adoption. Entrepreneurs have taken notice, and a new group of EV startups is attempting to break into the intensely competitive US auto industry in the coming years. A consensus has developed among EV experts that Rivian is in the best position to succeed.
- Read more:
- Rivian’s ‘beautiful’ cars, $6 billion war chest, and deals with Amazon and Ford put it at the front of the pack of startups vying to be the next Tesla, VCs say
- Experts say many electric car startups are doomed to fail — but these 5 are built to last
- Rivian-rival Lucid’s CEO thinks the EV industry is due for a brutal shakeout because startups are missing one key ingredient
Rivian hiring execs share their advice to applicants hoping for a job offer
Rivian
The hype around Rivian has made the company an appealing destination for those who want to work in the EV industry. Insider interviewed Rivian’s top hiring executives in 2020 about what they look for in job candidates. They shared their advice for applicants and the red flags that will hurt your chances of landing an offer.
- Read more:
- The complete guide to getting a job at Rivian, according to two execs who head up hiring for the surging Tesla rival
- Why Rivian uses one of Elon Musk’s favorite job-interview techniques to determine which candidates stand out
- A Rivian VP reveals the 5 key traits the Amazon-backed startup looks for in job candidates
- Rivian execs reveal the interview red flags that turn them against job candidates
Growing pains
Rivian
Launching a new vehicle is hard, particularly if it’s your first attempt. Rivian, like some of its competitors, is beginning to experience some of those challenges firsthand. This summer, the company delayed the launch of the R1T, citing “the cascading impacts of the pandemic.” From navigating supply-chain disruptions to convincing state governments to revise laws that prevent automakers from selling directly to consumers, Rivian has its work cut out for it in the coming months and years.
- Read more:
- Hot EV startups like Rivian were already struggling to get cars to market — then the chip shortage hit. 4 top execs and industry experts tell us how they’re tackling the crisis.
- Rivian’s policy chief breaks down how he’s lobbying lawmakers to free EV startups from dealerships
- 2 of Tesla’s most promising rivals keep getting delayed
Early praise for the R1T
Jeff Johnson/Rivian
Rivian started producing the R1T in September, and early impressions of the vehicle have been positive. Insider’s Tim Levin drove the R1T for a few days in September and called the vehicle “groundbreaking.” You can read more about his impressions below.
- Read more:
- Rivian built an electric truck before Tesla. We got to drive it.
- Rivian’s first truck puts off-roading in easy mode
- 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 mmatousek@insider.com, on Signal at 646-768-4712, or via his encrypted email address mmatousek@protonmail.com.
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