Rivian Statistics 2023: Is It Bigger Than Tesla? A Deep Dive Analysis

As an entrepreneurship consultant, I‘m always fascinated by new companies aiming to disrupt large markets. One recent entrant making waves is Rivian Automotive, an electric vehicle startup some have dubbed "the next Tesla."

Rivian burst onto the scene in 2021 with the launch of its R1T electric pickup truck. However, the company has been quietly building towards this moment since 2009. Backed by billions in investments, Rivian has sped from unknown startup to the hottest new EV brand today.

Let‘s analyze the key stats behind Rivian‘s meteoric rise and evaluate its potential to compete with Elon Musk‘s electric empire.

Rivian‘s Market Value Exceeds Established Automakers After IPO

Rivian went public in November 2021, launching one of the largest IPOs of the year. The company raised $11.9 billion through its IPO, selling 153 million shares at $78 per share under the ticker RIVN [1].

Just three days after its market debut, Rivian‘s valuation surged to $127 billion [2]. This instantly made Rivian the second most valuable U.S. automaker behind Tesla:

Company Market Value Nov 15, 2021
Tesla $1.06 trillion
Rivian $127 billion
Ford $78 billion
General Motors $86 billion

For a company that only recently began delivering its first vehicle, this is a staggering valuation exceeding automakers that have been in business for decades.

Rivian‘s confident IPO illustrates investors‘ belief that this could be the next Tesla-like success story.

Over 56,000 Preorders and Counting for Rivian‘s R1 Lineup

Rivian‘s R1T electric pickup and R1S electric SUV generated excitement when first revealed in 2018. Since then, preorder numbers have skyrocketed:

  • As of March 2022, Rivian has received over 56,000 net preorders for its R1T and R1S in the U.S. and Canada [3].
  • Deliveries for the R1T pickup began in September 2021. Rivian delivered 1,227 vehicles by the end of 2021 and aims to produce 25,000 vehicles in 2022 [4].
  • The R1S SUV is slated to begin deliveries in spring 2022.

This enormous early demand for Rivian‘s vehicles shows consumers are eager for fresh electric options. It bodes well for Rivian’s growth trajectory moving forward.

Rivian Secures 100,000 Delivery Van Order from Amazon

One of Rivian’s biggest partners is Amazon, which owns approximately 22% of the company‘s shares [5]. In 2019, Amazon announced it was ordering 100,000 electric delivery vans from Rivian. According to Rivian‘s S-1 filing, Amazon plans to have at least 10,000 vans deployed by late 2022 [1].

This marks one of the largest-ever commercial EV orders. For a young startup like Rivian, it provides:

  • A massive order volume to scale up production and drive growth
  • Important backing and vote of confidence from a major corporation

Partnerships like this with corporate giants could propel Rivian‘s production towards matching established automakers.

Billions Raised in Investments to Fund Growth

As a startup aiming to produce vehicles at scale, Rivian has required extensive capital. The company has raised over $10.5 billion in investments thus far [6]:

Investor Investment Date
Amazon $700 million Feb 2019
Ford $500 million April 2019
T.Rowe Price $2.5 billion July 2021
Amazon $200 million Nov 2021

In addition to Amazon and Ford, Rivian counts heavyweight backers like BlackRock, Soros Fund Management, Fidelity, and T. Rowe Price among its investors [6].

This funding has allowed Rivian to:

  • Purchase manufacturing facilities
  • Expand operations to meet production targets
  • Develop charging networks
  • Scale rapidly from startup to major automaker

With its war chest, Rivian is gearing up to deliver on its ambitious vision.

Rivian Targets Class-Leading Driving Ranges

A key consideration for any EV maker is driving range. Rivian aims to deliver segment-leading range with its three available battery pack options:

Vehicle Battery Size Targeted Range
R1T Truck Standard (105 kWh) 230 miles
R1T Truck Mid (135 kWh) 314 miles
R1T Truck Max (180 kWh) 400+ miles
R1S SUV Standard (105 kWh) 260+ miles
R1S SUV Large (135 kWh) 316 miles
R1S SUV Max (180 kWh) 300+ miles [7]

These ranges surpass current competitors like the Ford F-150 Lightning (230 to 300 miles) and Tesla Model X SUV (333 to 348 miles) [8].

Exceeding 300 miles of range alleviates consumer "range anxiety" about EVs. Rivian‘s packs reinforce its aim to be the premier EV adventure brand.

Charging Network of 3,500 DC Fast Chargers by End of 2023

A robust charging network is critical infrastructure for any EV maker. Rivian is planning an extensive nationwide network called the Rivian Adventure Network. Rollout plans include:

  • Over 600 charging locations operational by end of 2023 [9]
  • More than 3,500 DC fast chargers installed by end of 2023 [9]
  • Locations situated near adventure hotspots to enable long-distance trips
  • Charging rates up to 200 kW, upgrading to 300 kW in future [10]

Thispositions Rivian to provide better charging accessibility than competitors in areas popular with adventurers and road trippers.

The Road Ahead

In its first year of production, Rivian has exceeded expectations. Preorders for its R1T and R1S models indicate strong consumer demand. Meanwhile, Rivian‘s partnerships with Amazon and others demonstrate faith in the company‘s production abilities.

However, competition in the EV market is intensifying. Legacy automakers like Ford and GM are accelerating their electrification plans, while Tesla continues expanding. For Rivian to fulfill its long-term potential, ramping production and increasing economies of scale will be critical next steps.

As an entrepreneur observing Rivian‘s emergence, I‘m bullish on their prospects. Rivian exhibits many hallmarks of a successful startup – visionary leadership, differentiated product, strong funding base. The company faces risks as any new entrant does, but the electric future appears bright for this rising EV star. Rivian‘s initial statistics tell a compelling origin story that could very well end with it becoming a major force in sustainable transportation.