2 of Tesla’s most promising rivals are picking up steam

Rivian R1T
The Rivian R1T pickup.

  • Lucid and Rivian are two of the startups best suited to challenge Tesla.
  • They both seem to be hitting their stride.
  • Both companies are on the brink of delivering their first vehicles.
  • See more stories on Insider’s business page.

Tesla has dominated the US electric car market for years as the sole startup that’s managed to mass-produce EVs and keep the lights on. Today, Elon Musk’s automaker hardly qualifies as an startup anymore (it’s worth some $750 billion), but a growing number of new manufacturers think they can replicate Tesla’s success.

Two contenders have risen to the top of the heap as their years-long efforts finally start to pay off. Lucid Motors and Rivian have both been making strides as of late and are set to start delivering their debut vehicles in 2021.

Rivian, which is working on a pickup truck and a Range Rover-esque luxury SUV, announced Tuesday that its vehicles are certified for sale in all 50 states and that its first customer-ready R1T pickups rolled had rolled off the production line in Normal, Illinois. Rivian’s first saleable vehicle comes more than a decade after CEO RJ Scaringe founded the company in 2009.

Earlier in September, the Environmental Protection Agency rated Rivian’s SUV and pickup at an impressive 316 and 314 miles of range, respectively.

Lucid Air exterior_5
The Lucid Air.

Rivian plans to start shipping R1T Launch Edition trucks to preorder holders by the end of September, followed by its first R1S SUVs later this fall. It confidentially filed for an IPO in August and is aiming to go public around November, Bloomberg reported.

It’s reportedly seeking a valuation of roughly $80 billion, more than Ford or General Motors.

Lucid, for its part, recently made good on its longstanding promise to build the longest-range EV on the market. The EPA on Wednesday gave its debut vehicle – the Air Dream Edition R sedan – a range rating of 520 miles. It’s a staggering rating, and no production EV has even come close to delivering that sort of mileage between charge-ups.

The Tesla Model S, which has led the market in battery range for years, can travel 405 miles on a full battery, according to EPA estimates.

Lucid has already begun building preproduction cars at its factory in Arizona and says it will start shipping the $169,000 Air Dream Edition to preorder holders later in 2021. The company is taking a page out of Tesla’s playbook by starting with a super-premium vehicle and working toward more affordable offerings, including a $77,400 base model of the Air and a small SUV called the Gravity.

Some on Wall Street are optimistic about Lucid’s potential to challenge Tesla and legacy automakers alike. In a Wednesday note to investors, Bank of America analysts called Lucid potentially the next Tesla or Ferrari, noting that it is “a relative competitive threat to the universe of incumbent automakers, with innovative technology, attractive product, compelling brand, clean sheet manufacturing approach, and impressive management experience.”

Shares of Lucid have risen 18.5% since Wednesday, and are up some 130% year-to-date.

Still, mass-producing cars is a notoriously tricky and expensive business. And just because Lucid and Rivian are able to start delivering vehicles to customers, that doesn’t necessarily mean they’ll be able to do it for long. Tesla famously had numerous brushes with failure and financial disaster on its way to the top.

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Rivian wants to raise up to $8 billion in its hotly anticipated 4th-quarter IPO, report says

rivian r1s
Rivian R1S.

  • Rivian is looking to raise as much as $8 billion in its upcoming IPO, CNBC reported.
  • The electric truck maker is backed by big names including Amazon and Ford.
  • The company has a lineup of electric SUVs and pickups, and has partnered with Amazon for electric delivery vans.
  • See more stories on Insider’s business page.

Electric truck maker Rivian is gearing up to go public in the fourth quarter and is looking to raise as much as $8 billion in its IPO, Reuters reported on Wednesday.

The company, which is backed by Amazon and has garnered additional investment from Ford and T. Rowe Price, filed documents last month indicating its intent to go public. A raise of $8 billion would make Rivian’s the fourth largest IPO of the last 10 years, according to Reuters, just behind Uber’s public debut in 2019.

The company’s EV lineup include an electric SUV and an electric pickup truck, with plans to begin fulfilling pre-order deliveries later this year. It has also partnered with Amazon to manufacture electric delivery vans for the online retail giant.

Rivian has raised $10 billion since 2019, making it one of the most well-funded startups. Its IPO would allow it to expand operations, with plans to add additional manufacturing capacity beyond its current factor located in Normal, Illinois, Reuters said.

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EV start-up Rivian has beaten other industry giants to become the first automaker to produce an electric pickup

Rivian R1T.
Rivian’s R1T has an estimated range of 314 miles.

  • Rivian produced its first electric pickup Tuesday – becoming the first automaker to do so.
  • A Rivian spokesperson said its vehicles were “ready for sale in all 50 states.”
  • The R1T has an estimated range of 314 miles and prices start at $67,500.
  • See more stories on Insider’s business page.

California-based electric vehicle startup Rivian has become the first automaker to produce an electric pickup truck.

“After months of building pre-production vehicles, this morning our first customer vehicle drove off our production line in Normal [Illinois],” CEO RJ Scaringe tweeted on Tuesday.

A Rivian spokesperson told Bloomberg that the company’s vehicles were “ready for sale in all 50 states” after receiving full certifications from three regulators – the National Highway Traffic Safety Administration, the Environmental Protection Agency, and the California Air Resource Board.

Deliveries of the R1T, Rivian’s electric pickup, are set to begin in January 2022, according to its website, after an initial delay earlier this summer. It has an estimated range of 314 miles, and comes with an air compressor, a built-in cooler under the bed, and a tailgate you can control through an app.

Rivian R1T pickup truck
Rivian R1T.

Rivian’s completion of the R1T beat out the release of several highly-anticipated electric pickup trucks from established manufacturers by substantial margins. Production of Tesla’s Cybertruck was pushed back to 2022 alongside Ford’s F-150, which is eyeing a spring 2022 production start date. GM’s Hummer EV is expected to go into production sometime this fall.

Prices start at $67,500, and customers are able to pay a $1,000 deposit on its website.

Rivian is also working on the R1S, an electric SUV.

Rivian is poised to rival the likes of Tesla in the EV market. The company, which is backed by Amazon, has raised more money than any other EV startup that hasn’t gone public, Insider previously reported. Amazon also ordered a fleet of 100,000 custom electric delivery vehicles from Rivian earlier this year.

Bloomberg reported in August that Rivian was aiming for IPO later this year with a valuation of around $80 billion.

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Rivian files for IPO, with the Amazon-backed EV maker reportedly seeking $80 billion valuation

Rivian R1S
Rivian has racked up billions in investment from investors like Ford and BlackRock.

Rivian, the electric vehicle manufacturer backed by Amazon and Ford, has confidentially filed for its upcoming IPO, the company said in a press release on Friday.

Rivian has built a line-up of electric pickup trucks that it plans to begin delivering to customers later this year. Additionally, the company developed an electric delivery van for Amazon and entered a contract with the e-commerce giant to deliver 100,000 vans by the end of this decade, with 10,000 vans expected to be delivered by the end of next year.

The EV maker is reportedly seeking a valuation of up to $80 billion when it goes public, according to Bloomberg. The company is aiming for an IPO debut around the Thanksgiving holiday in late November, the report said.

Rivian has raised more than $10 billion since its inception from various investors, including T. Rowe Price, Fidelity, Ford, and Amazon. Rivian’s last funding round valued the company at about $28 billion, according to media reports.

The company is seen as one of the most viable competitors to Tesla’s dominance in the EV space, in part thanks to its refined designs, unique vehicle features, and expected long battery range.

Rivian’s expected public debut later this year will top off a busy year for IPOs, with high-profile names like Robinhood, Didi, and Oatly completing their offerings earlier this year.

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Elon Musk dished out some free advice to rival carmaker Rivian: Get your “first plant working” before making plans to expand

Elon Musk looking at his iPhone .JPG
Tesla CEO Elon Musk looks at his mobile phone.

  • Elon Musk said on Twitter that Rivian should focus on production levels before building a new plant.
  • In July, Rivian confirmed it was looking for a second US factory for its electric cars.
  • The same month the startup delayed the first delivery of its electric pickup truck.
  • See more stories on Insider’s business page.

Tesla CEO Elon Musk has some advice for electric car startup Rivian – get your first factory “working” before trying to expand into a second one.

Musk commented on the issue on Twitter on Wednesday, following a Reuters report that Rivian is looking to build a second US plant and has scouted a location in Fort Worth, Texas.

“I’d recommend they get their first plant working,” Musk tweeted on Wednesday. “It’s insanely difficult to reach volume production at affordable unit cost.”

In July, Rivian confirmed it was scouting for its second US factory in addition to its current factory in Normal, Illinois. The company plans to invest as much as $5 billion in the new facility.

The EV startup announced last month it was delaying the release of its first delivery of the R1T electric pickup truck, pushing deliveries to September – a sign that the company could be taking on more than it can handle, according to some critics.

“Most problems in a production plant are found out during production and not beforehand,” Auto reporter Alex Voigt tweeted following the news of the factory scouting. “Planning a new plant without that experience isn’t smart it’s stupid.”

Musk agreed with the comment on Twitter.

Rivian did not respond to a request for comment from Insider.

When the company announced it was delaying the pickup truck, the startup’s CEO RJ Scaringe attributed the delay to supply chain issues caused by the pandemic. He told investors in a letter that Rivian planned to thoroughly test its vehicles instead of rushing to deliver.

“There are many reasons why our production ramp is taking longer than expected,” Scaringe wrote. “The cascading impacts of the pandemic have had a compounding effect greater than anyone anticipated. Everything from facility construction, to equipment installation, to vehicle component supply (especially semiconductors) has been impacted by the pandemic. Beyond these unforeseen challenges, launching three new vehicles while setting up a multi-vehicle manufacturing plant is a complex orchestra of coordinated and interlinked activities where small issues can translate into ramp delays.”

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Hiring leaders at Rivian, Tesla, and Amazon’s self-driving startup reveal their top tips for landing a job

Rivian R1T.
Rivian executives described their hiring priorities in an interview with Insider.

  • Insider has interviewed hiring leaders at auto-tech firms like Rivian, Waymo, and Amazon-owned Zoox.
  • They’ve described the details they care most about when reading résumés and conducting interviews.
  • And they’ve shared the red flags that will hurt a job candidate’s chances of landing an offer.
  • See more stories on Insider’s business page.

Searching for a new job can be a confusing, frustrating process. While the listing for a position will provide hints about what the company’s looking for, you’re often left to guess what will make you stand out to the manager who’ll read your résumé or interview you. And when you’re applying to a highly competitive company like Alphabet or Tesla, finding a slight edge over other applicants can be the difference between landing an interview and having your résumé discarded.

Over the past year, Insider has spoken to human resources leaders at some of the top companies in the electric- and autonomous-vehicle industries to learn more about how they evaluate potential employees. They walked us through the details they’re paying attention to when reviewing an application or asking a job candidate about their work experience, and the red flags that will hurt your chances of landing an offer.

You can read the most important takeaways from those interviews, as well as comments Elon Musk made on Twitter and to a German automotive publication, below.

The complete guide to getting a job at Rivian, according to two execs who head up hiring for the surging Tesla rival

How to ace the job-application and hiring process for Amazon’s billion-dollar self-driving startup

Waymo’s recruiting director reveals how get your cover letter read, nail the interview, and get a job at the top-ranked autonomous driving outfit

Why Rivian uses one of Elon Musk’s favorite job-interview techniques to determine which candidates stand out

Elon Musk says you still don’t need a college degree to work at Tesla. Here’s what he looks for in job applicants instead.

The VP in charge of hiring at Aurora, the autonomous-vehicle company backed by Jeff Bezos, explains how to land a job at the white-hot startup

How to impress the hiring director at Luminar, a top lidar startup led by the world’s youngest billionaire

Read the original article on Business Insider

Uber, Tesla, and Rivian are fighting each other for talent. Here’s how much they pay their employees.

Tesla CEO Elon Musk
Tesla has a new crop of rivals, including Rivian, with which it’s competing for talent.

  • Filings companies share with the US government show how much they pay some employees.
  • Insider has analyzed filings from companies in the EV, self-driving, and ride-hailing industries.
  • Those companies include Tesla, Uber, and Rivian.
  • See more stories on Insider’s business page.

The war for talent between transportation technology companies is heating up, as the incumbents and upstarts poach employees from each other.

Filings submitted to the US government by high-profile electric-vehicle, autonomous-vehicle, and ride-hailing companies like Tesla, Waymo, and Uber provide a glimpse of their compensation practices. The documents are not comprehensive, as they only track employees from outside the US, but they provide detail on pay rates for a variety of positions that isn’t always available on public job listings.

Insider has analyzed pay data for some of today’s most impactful transportation companies, as well as younger firms that have captured the attention of venture capitalists and corporate investors like Amazon.

You can take a look at some of the data below.

Electric vehicles

REVEALED: How much Tesla pays its employees, from software engineers to product managers

REVEALED: How much Rivian pays its employees, from engineers to financial analysts

Self-driving cars

REVEALED: How much Waymo, Cruise, and Zoox employees make, from engineers to managers


Uber salaries revealed: From $85,000 to $330,000, here’s how much the ride-hailing giant pays some of its employees

Lyft salaries revealed: From $135,000 to $305,000, here’s how much Uber’s rival pays some of its employees

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2 of Tesla’s most promising rivals keep getting delayed

Lucid Air exterior_8
Lucid’s Air sedan is set to hit streets this year.

  • Lots of startups are aiming to take on Tesla in the ever-growing electric-vehicle space.
  • Rivian and Lucid Motors are two of the most promising contenders.
  • Both have delayed their debut vehicles due to the pandemic but plan to start deliveries in 2021.
  • See more stories on Insider’s business page.

Tesla has reigned supreme as the lord of electric vehicles for years, even as established manufacturers and scrappy startups attempt to come for its crown.

Two of the most promising upstart EV makers – Rivian and Lucid Motors – were on the brink of launching their first vehicles onto the US market this year. But the pandemic had other plans.

Rivian earlier this month told customers who had reserved Launch-Edition models of its adventure-focused SUV and pickup that they’d have to wait a few extra months to take delivery. The R1T truck’s launch was postponed from July to September, while the R1S SUV will now arrive later in the fall, Rivian CEO RJ Scaringe told customers in an email.

“The cascading impacts of the pandemic have had a compounding effect greater than anyone anticipated. Everything from facility construction to equipment installation, to vehicle component supply (especially semiconductors) has been impacted by the pandemic,” he said.

Rivian R1S
The Rivian R1S was delayed to the fall.

Rivian first pushed R1T deliveries by a month in May due to hurdles like shipping delays and the ongoing microchip shortage, a spokesperson said.

Read more: Rivian-rival Lucid’s CEO thinks the EV industry is due for a brutal shakeout because startups are missing one key ingredient

Similarly, Lucid in February delayed the launch of its debut luxury sedan – the Air – to the second half of 2021. Customers were supposed to receive their cars in the spring. In a letter, Lucid CEO Peter Rawlinson chalked up the delay to the pandemic’s impact on the startup’s testing activities, supply chain, and its preparations for sales and service.

That was the second time Lucid shifted its plans due to the pandemic; the startup first planned to start producing the Air in late 2020.

With a claimed range of more than 500 miles and a starting price of around $77,000, the Air is set to give the Tesla Model S a run for its money when it hits streets – on paper, at least. Tesla has led the industry in range for ages with its 400-plus-mile Model S.

Rivian R1T
Rivian says customers will start receiving their R1T pickups in September.

Lucid and Rivian represent two of the EV startups furthest along in their development. Both have operational factories, showrooms, and heaps of binding preorders, which can’t be said of most new companies trying to replicate Tesla’s success. Rivian has amassed several billion in funding from investors like Amazon and Ford. Lucid is preparing to go public through a reverse merger in a deal that will give it $4.5 billion in fresh funding.

Although Lucid is on track to start shipping cars this year, the pandemic has made the final stretch more difficult, Rawlinson told Insider. Lucid has run up against quality issues with some of its suppliers – problems that, under normal circumstances, would’ve been addressed long ago with trips to suppliers. The pandemic ruled that out.

But Rawlinson wants to get every detail spot on, and that’s why he pushed the Air’s launch.

“This is a one-shot deal to get it right. Why don’t we go really conservative?” he told Insider.

Read the original article on Business Insider

Electric truck startup Rivian is eyeing a $70 billion valuation in upcoming IPO, report says

Rivian R1T.
Rivian R1T.

Rivian Automotive, the electric truck startup that’s backed by Amazon, is targeting an IPO that could value the company at $70 billion, according to a Bloomberg report.

Previous reports suggested Rivian could target a $50 billion valuation in its public debut. The company was last valued at $27.6 billion when it raised $2.65 billion from T. Rowe Price Group, Fidelity Investments, and Amazon in January.

Amazon’s investment in Rivian goes well beyond its January fundraise. The e-commerce giant committed to buying 100,000 electric delivery vans produced by Rivian in 2019, and some of those deliveries began to hit the road earlier this year.

Rivian had targeted a June launch of its electric pickup truck, the RIT, but the company recently pushed back its planned launch to July. The company didn’t give a reason for the delay, but a supply chain crunch in the automotive sector has temporarily sidelined production for a number of companies, including Ford, Tesla, and General Motors.

When the Rivian RIT does hit the market, it will be one of the first electric pickup trucks on the market and seek to standout against competition, like Ford’s recently unveiled F-150 Lightning, and Tesla’s Cybertruck.

The company has hired advisers from JPMorgan, Goldman Sachs, and Morgan Stanley to work on the IPO, according to the report. No final decisions have been made about the IPO and details of Rivian’s potential listing could change, sources told Bloomberg.

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Rivian’s R1T pickup has an air compressor, a built-in cooler under the bed, and a tailgate you can control through an app

Rivian R1T pickup truck
Rivian R1T deliveries are set to start in June.

  • On Friday, Rivian revealed new details about its R1T truck that’s set to hit the streets this summer.
  • The startup gave a more in-depth look at the truck’s bed, storage compartments, and overall sizing.
  • The R1T has a built-in air compressor and an under-bed storage area that can be used as a cooler.
  • See more stories on Insider’s business page.

With billions in funding and a factory already churning out battery-powered vehicles, startup carmaker Rivian is widely considered one of the best-suited firms to take on Tesla.

And although we’ve known a lot about Rivian’s upcoming pickup and SUV for some time, the company has left some of the vehicles’ finer points a mystery.

On Friday, the Amazon-backed startup released some specifics about the R1T’s exterior and other features as it gears up to deliver its first vehicles to waiting customers.

Rivian R1T
Rivian R1T.

Rivian has never said precisely how big the R1T is – but now it says the truck falls somewhere between a mid-size and a full-size pickup. It’s 217 inches long and around 72 inches tall, making it slightly longer and taller than a Toyota Tacoma and a good bit smaller than a Toyota Tundra. The R1T sits wider than both trucks, however.

Read more: Biden is promising $10 million for battery makers who can crack fast charging. Top startups are racing to cash in.

The startup also gave a more detailed look at the truck’s various storage compartments.

The front trunk can fit two full-sized coolers and has 12-volt plugs, Rivian said. The vehicle’s unique “gear tunnel” – a horizontal storage space that can be accessed from either side of the vehicle – is 65 inches long and comes equipped with both 110-volt and 12-volt plugs. Both compartments can be opened through an app, a key fob, or exterior buttons on the vehicle.

Rivian R1T gear tunnel
Rivian R1T gear tunnel.

There are two 110-volt outlets in the bed, where Rivian also stuck two LED lights and an integrated air compressor. The bed measures 54 inches long and 83.6 inches long, with the tailgate folded down. Not surprisingly, the tailgate can be opened through an app.

Rivian R1T pickup underbed storage.
Rivian R1T underbed storage.

A locking storage unit under the bed houses a full-size spare tire. The compartment also has a drain hole so customers can fill it with ice and use it as a cooler.

Rivian plans to deliver the first R1T trucks to customers in June and says it will release more details about both the R1T and R1S in the near future.

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