What Is Rivian? Electric Truck Company Races Towards All-Electric Pickup Production

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You’ve most likely heard of electric car giant Tesla  (TSLA) - Get Report, but have you heard of Rivian?

Rivian is an electric truck maker that may be the first company to bring an all-electric pickup truck to market.

Most recently, Rivian raised $2.5 billion in financing from T. Rowe Price Associates, Amazon, BlackRock, and others. To date, the company has raised $6 billion in funding.

Rivian purchased a former Mitsubishi Motors plant in Illinois where is plans to produce its vehicles.

Not surprisingly, Rivian’s biggest competitor is Tesla, which debuted its Cybertruck in late 2019. However, Tesla is still searching for a location for its Cybertruck Gigafactory.

Tesla, of course, has been on a tear recently. In a landmark moment, Tesla’s stock raced towards—and hit—the $1,000 mark on June 10, 2020. In January 2019, Tesla’s stock was just $212 a share, meaning it had a monumental increase of 371% in one year.

Tesla’s stock has been largely driven by investors' faith in the company’s dominant position in the electric vehicle industry.

In late May 2020, Morgan Stanley analyst Katy Huberty compared Tesla to Apple.

"View Tesla in a way they viewed Apple 20 years ago: a company that thinks differently, that is incredibly innovative in a category that needs a spurt of innovation. That creates investor interest. If there’s a path to profitability and reason to believe scale will continue to increase, then tech investors tend to not care as much about valuation and/or are will to look multiple years into the future when scale and profitability will support current valuation," Huberty wrote in a note to clients.

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