Rivian, which is backed by Amazon and Ford, has attracted intense interest from investors looking to capitalize on the fast-growing EV market.
to the market with a fully electric pickup, the R1T. It plans to launch a seven-passenger battery-electric SUV, the R1S, in December, according to an October prospectus.
The company says its factory in Illinois has the capacity to produce up to 150,000 vehicles per year. About 65,000 of those should be R1T pickup trucks and SUVs, and about 85,000 should be the company's RCV commercial delivery vans, Rivian said in financial filings. It also hasn't produced its electric vehicles in very high volumes yet. It's not clear how quickly it can ramp up production, especially amid the global chip shortage and port constraints that have plagued automakers this year.
New legislation awaiting President Joe Biden's signature will provide $7.5 billion in federal grants to build a national network of electric vehicle charging stations, and Rivian could stand to benefit. Scaringe has emphasized that Rivian vehicles are ideal for people with a sense of adventure and a love of the outdoors. As such, the company is placing charging stations in out of the way destinations, like state or national parks.
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