But the stock, which hit a high of $179.47 in mid-November, has fallen sharply this year amid the slow ramp-up, closing at $34.13 per share Thursday and cutting Rivian’s market cap to about $30 billion. When Rivian went public in November, investors were betting the EV startup would become the Tesla of trucks, pushing its valuation north of $100 billion. Earlier this month, Rivian announced it had produced 4,401 vehicles during the second quarter, up from 2,553 built in the first quarter.Īmazon electric delivery vans accounted for about a third of the nearly 8,000 EVs produced through the second quarter, the company said. The Normal plant has an annual production capacity of 150,000 vehicles, and was projected to build 50,000 in 2022, before global supply chain issues, including the ongoing semiconductor shortage, cut the first-year target in half. Rivian, which expects to build 25,000 commercial and consumer EVs this year, still has a long way to go to get the Amazon order filled. The online retail giant owns more than 162 million shares of Rivian, or 18% of the company, according to filings with the Securities and Exchange Commission. While Madan touted the arrival of the first electric delivery vans as a “really big milestone,” the company has a lot more at stake in Rivian’s success than getting its 100,000-vehicle order filled. Chicago, IL: 40K-40K: Delivery Driver:, Inc. (Terrence Antonio James / Chicago Tribune) Search job openings, see if they fit - company salaries, reviews, and more posted by Amazon employees. The interior of a new Rivian electric-powered delivery van.
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