"Then there are the fires. "
Yep! 30 gas car fires every. hour.
Posted on 11/11/2021 7:37:48 AM PST by Red Badger
KEY POINTS
Shares of Rivian, an electric vehicle start-up backed by Amazon and Ford, opened at $106.75 per share on its first trading on Wednesday.
At its opening price, Rivian is already worth more than automakers Ford and GM.
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Rivian Automotive shares ended the day up 29% in their debut Wednesday, giving the Amazon and Ford-backed electric vehicle start-up a market valuation of $86 billion after one of the biggest IPOs this year.
Shares of Rivian originally priced at $78 a piece Tuesday night, but popped more than 50% Wednesday when it opened at $106.75 per share, before paring some of those gains later in the afternoon.
At its opening price, Rivian had an implied valuation of $91 billion. That puts Rivian past the market cap of Ford ($77 billion) and on par with General Motors ($86 billion). It’s still worth a fraction of electric vehicle pioneer Tesla, which has a market cap of more than $1 trillion.
Rivian, which trades under the symbol “RIVN” on the Nasdaq, has attracted intense interest from investors looking to capitalize on the fast-growing EV market. But the company has yet to establish a business model and expects no more than $1 million in revenue for the third quarter.
Amazon’s 20% stake is now worth about $17 billion, and Ford’s 12% stake is valued at over $10 billion.
Amazon said in September that its equity investments, including Rivian, were worth $3.8 billion. Two months later its Rivian stake alone is worth almost five times that amount.
While Ford executives have billed their Rivian relationship as a strategic investment, the company’s Lincoln division had previously planned to build electric vehicles with the upstart. Those plans were abandoned during the pandemic.
Rivian opens for trading, hits $106.75
Amazon, which is converting its fleet to delivery vehicles that run on renewable energy, revealed in 2019 that it was purchasing thousands of vehicles from Rivian. More recent filings show Amazon has some exclusive rights to Rivian’s battery-electric delivery vehicles for a minimum of four years, with the right of first refusal after that.
Amazon has ordered 100,000 Rivian vehicles to be delivered by 2030. The companies plan to have 10,000 new Rivian-Amazon delivery vehicles on the road as early as next year.
Besides its fleet business, Rivian beat Tesla, GM and Ford 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.
Rivian CEO RJ Scaringe, who has a Ph.D. from the Sloan Automotive Laboratory at the Massachusetts Institute of Technology, founded Rivian in 2009. The company’s headquarters is in Irvine, California, and it has a vehicle assembly plant in Normal, Illinois.
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.
But Rivian is still a relative upstart, and it hasn’t started generating real revenue. Rivian said in its prospectus that it will lose up to $1.28 billion in the third quarter, while revenue will range from zero to $1 million.
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.
Rivian said in an amendment to its S-1 filing that it has a backlog of pre-orders for 55,400 R1T and R1S vehicles from customers in North America and plans to deliver these by the end of 2023.
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.
Rivian counted 6,274 employees as of the end of June.
One of its former executives recently sued Rivian accusing the company of having a “toxic bro culture,” wrongfully terminating her employment there, and in so doing, costing her “millions of dollars in unvested equity on the eve of the company’s IPO.”
In the lawsuit, Laura Schwab — who previously led Aston Martin’s U.S. operations — also claims the company dismissed concerns she had raised regarding Rivian’s business, including its “ability to deliver on its promises to investors.”
Seems to me that this valuation is kind of like a self fullfilling prophecy. Snake oil. Nothing more.
Hey, the experts on Wall St are saying this thing is guaranteed, a lock. Buy it up like it’s the last deal you can ever make.
Marketing at its finest.
Shhhhhhh......the Chinese pretty much have control over all the lithium in the world and they’ll end up making all the EVs, but buy this company up now so we can make our money.
These companies would not have entered the EV market like they are without the government sponsoring the load. The Biden administration is picking winners and losers again but on a larger scale than Obama and the fail and flailing ex-governor McAuliffe.
I’m wondering if this is a good compromise?
https://www.motortrend.com/reviews/2021-toyota-rav4-prime-first-test-review/
The Tim Cook Applemobile is coming soon, too. IIRC in conjunction with Hyundai.
Joint Venture with Bill Gates and Jeff Bezos backed Company
LONDON, Aug. 9, 2021 /PRNewswire/ -- Bluejay, the AIM and FSE listed, and OCTQB (ticker: BLLYF) traded, exploration and development company with projects in Greenland and Finland, has signed a joint venture agreement ('JV' or the 'Agreement') with KoBold Metals ('KoBold'), at the Company's Disko-Nuussuaq nickel, copper, cobalt, platinum magmatic massive sulphide project ('Disko' or the 'Disko Project') in Central West Greenland.
https://finance.yahoo.com/news/joint-venture-bill-gates-jeff-111900319.html
PRICE AS TESTED $49,831...........and that’s BEFOR teh Dealers get to add on a bunch of ‘fees’ and now ‘Market upcharges’ and state and local Sales Taxes and registration fees and tags.............................................
7500 back from SlowJoe
and whatever your state has for ev gravy.
No tow truck can help with a can of gas when you run out. It will be a tow and it with cost you a lot of time and money. Then there are the fires. Short circuit and no chance of escape for you and your family. Remember GM saying to park your car outside! to charge. What about when you are driving the vehicle! POOF!
"Then there are the fires. "
Yep! 30 gas car fires every. hour.
How many of those gas car fires are newer vehicles?
Most of them are 10+ yr old beaters that haven’t been maintained and have deteriorated tubing.
“Most of them are 10+ yr old beaters that haven’t been maintained and have deteriorated tubing.”
I gather from your post that ICE. cars are inherently dangerous since no service manual recommends replacing tubing.
The cost to entry on production of 4 Ton Cargo vans chassis just isnt very high. Seems like something that will be produced in mexico, india and china in mass.
Back in the day, when UPS was the delivery kings, 5 ton UPS trucks were cheaper per mile in fleet service than 3.5 ton ford Vans. Ultimatly we are talking boxes on wheels, with no need for upgrade before 20 years of serivce, just new marketing decals, the EPA and california air board has little to say about a electric motor and a universal battery pack. Now if they can replace a battery or the electric drivetrain with 4 hours of shop labor we are looking at the B52 100 year thing in service. Problem is after 15 years for the manafacutres of a class of electric vehicles everything but parts sales goes to near nothing. Keeping a drivetrain working for city delivery service is a challenge, as long as the breaks dont squeak, good luck.
Electric motors already are 85% efficent, there is 12MPG to 24 MPG to 36 MPG generational drivers we saw in VANs over the last 4 decades. Electric motors are rebuildable until they burst into flames. Mega Battery Builders still seem to be the drivers of the industry.
Sometime soon all EV batteries will reach a standard form factor just to sponsor a rebuilding repair industry making entering the market foolish for anyone looking to make a killing.
If you need a service manual to tell you to replace rusted out steel lines or ozone aged rubber ones, you probably should refer your maintenance work to a good mechanic.
Magic Unicorns in gerbil wheels???
10 minutes recharge for $50?
That is $300 per hour.......WAY too expensive, IMO.
It cost’s me that much in gas for a fill-up....................
The owners will need a tow truck following them down the road.
“The owners will need a tow truck following them down the road.”
Stick with the truth, please.
“That is $300 per hour.......WAY too expensive, IMO.”
A gas pump flows up to 10 gpm.
That is $2,100 per hour. Seven times more than what you say is way too expensive!
“If you need a service manual to tell you to replace rusted out steel lines or ozone aged rubber ones, you probably should refer your maintenance work to a good mechanic.”
When do you recommend replacing all fuel delivery components?
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