On this day, September 13, in economic and financial history…
Rivian , the electric car company in California that went public today, was founded by four venture capital firms in 2012.
“Founded by UC Berkeley scientists and inspired by Elon Musk’s vision of the future, Rivian is transforming the automotive industry through an electric-powered, autonomous-driving vehicle platform based on semi-autonomous technology,” Rivian said in its S-1 filing to the SEC.
It would seem the employees of Tesla and the NASA scientists in Musk’s SpaceX go hand in hand; Musk heads the board of directors at both companies.
Electric cars, however, have had trouble winning over skeptical investors in the past. From the Tesla hype that fizzled in the early 2000s to Tesla’s recent stock plunge, electric cars have faced steep hurdles getting beyond one-horse status.
But Rivian has a somewhat different story than Tesla and SpaceX. Rivian’s existing executives do not include engineers or Musk. Rather, they hail from the automotive business, including Ralph Schmitt , who led Mercedes-Benz USA and was brought on by Tesla Chief Executive Elon Musk in 2015.
By design, Rivian’s tech doesn’t require an accelerator pedal. This could make electric cars attractive for suburban commuters and people who can afford to do without expensive gas.
In the second quarter of 2018, Rivian’s revenue grew to $10.4 million, but the company still has net losses of $36.4 million in the same period.
In the S-1 filing, Rivian also noted that it could need to restructure to support its ongoing operations, and it warned investors that it could not accurately predict its future.
Below, we take a look at five things that Rivian specializes in…