Rivian’s Rise: The New Titan in the U.S. EV Market
While Tesla often grabs the headlines, Rivian’s explosive growth in the electric vehicle (EV) domain is nothing short of impressive. According to a report by the California New Car Dealers Association (CNCDA) recently spotlighted the Irvine-based company’s dramatic expansion.
Unprecedented Growth in Six Months
In the first half of 2023, Rivian outperformed all other car manufacturers in California by recording an astounding 200% growth year over year, the CNCDA revealed. Delving into the numbers: in the second quarter alone, Rivian’s registrations shot up by 156%, escalating from 870 units to a whopping 2,225.
Furthermore, Rivian announced earlier this year that they had delivered 12,640 vehicles while producing 13,992 in the same quarter. That’s a close to 50% leap in production compared to the previous quarter.
The Rivian R1S SUV: A Crowd Favorite
The R1S SUV has been Rivian’s crowning jewel this year. As a testament to its success, Rivian started accepting orders for a cost-effective dual-motor variant of the R1S in July. This growing traction isn’t just about numbers.
A Bloomberg survey released on July 26 highlighted a fascinating trend: Model 3 Tesla owners considering a switch in the next two years are increasingly eyeing Rivian.
The report noted, “Shoppers were…taking a close look at Rivian…whose R1S SUV and R1T pickup were the top two models among alternative brands [to Tesla].”
Remarkably, the R1S reportedly secured a 34.1% “popularity” score as a Tesla alternative, doubling that of Ford’s F150 Lightning electric.
It’s evident that in places like Lake Tahoe, Rivian has captivated many, becoming the off-road-capable EV of choice for both tourists and locals.
What Lies Ahead for Rivian?
As Rivian continues its upward trajectory, the financial realm is taking note. Baird analyst Ben Kallo labeled Rivian’s stock as a bullish “fresh pick”. With the company set to report on its deliveries shortly, Kallo anticipates Rivian to surpass Wall Street’s predictions, crediting “an improving supply chain and the use of in-house components.”
Rivian is clearly not just another EV brand; it’s rapidly becoming a formidable player in the U.S.’s largest EV market. As consumers begin to consider alternatives to the established giants, Rivian is undoubtedly a name that’s high on the list.
