#RivianR1T

While no one around this neck of the woods would call themselves experts in finer points of the stock market, we do know how to add. Talking heads at the Wall Street Journal are reporting Rivian has set an initial share price of $78 for its IPO, a heady sum to be sure. What drives this story to another dimension is they’ve allegedly sold 153 million shares at this price.

For those keeping track, that means they raised nearly $12 billion – making RIVN the biggest listing so far in 2021.

On Friday, electric vehicle startup Rivian said it expects to commence deliveries of its all-electric pickup and crossovers next summer — placing the company roughly 6 months behind schedule.

However, before we crap on the company for being another novice EV company that can’t hack it, it should be said that product delays are quickly becoming the norm within the industry. This postponement may be indicative of nothing more than Rivian confronting the same hardships experienced by practically every other automaker in operation — though cash should not be among them.

The company said in April to expect adjustments to its delivery timeline as it tackled issues stemming from the pandemic while prepping the former Diamond-Star Motors/Mitsubishi plant in Normal, IL.

Rivian, the future builder of powerful electric pickups and SUVs (and secret parent to an upcoming Lincoln), hoped to have the first of its production models in buyers’ hands before the end of the year. Both the R1T pickup and R1S SUV were on track to roll out of the fledgling automaker’s Normal, Illinois assembly plant in the second half of 2020, reaching consumers just before New Year’s Eve (R1T) and not long after (R1S).

Well, that schedule’s seen a bit of tweaking. Care to hazard a guess why?

Despite offering a choice of battery sizes, Rivian’s R1T pickup, scheduled for production late this year, was not revealed under a banner of affordable green motoring. Nor was the R1S SUV that followed it. The Michigan-based startup’s first vehicles instead wowed onlookers with their tech prowess and capability — four hub motors, an innovative platform, and a maximum range of 400 miles — and prices that were fairly comparable with existing high-zoot pickups and SUVs.

Carrying a starting price of $69,000 at its debut, the R1T is now said to be in line for a price drop. Same goes for the R1S.

Rivian, the Michigan-based startup that aims to get electric pickups and SUVs into the hands of consumers starting late next year, may choose a controversial avenue to ownership.

The automaker’s CEO, RJ Scaringe, claims the automaker is seriously thinking about offering a subscription service when it begins rolling out vehicles from its Normal, Illinois assembly plant in 2020. Without a dealer network, Rivian’s plan was always to send vehicles directly to buyers, no doubt earning it the ire of dealer groups country-wide.

General Motors has been negotiating with Rivian, the Michigan-based company developing some of the slickest EVs we’ve seen in a while, over the possibility of purchasing an equity stake in the promising startup. Following news that Amazon was leading a $700 million round of funding in Rivian in February, reports came streaming in that the biggest of The Big Three would likely become the startup’s next backer.

The rumored deal was expected to result in GM bringing an electric pickup to market sooner than anticipated, with Rivian seeing a boost to its funds and manufacturing capabilities. However, talks don’t appear to have progressed as expected.

With both Ram and GMC showcasing multifunctional tailgates this past year, versatile pickup configurations appear to be the segment’s hot new trend for 2019.

It’s a trend that’s likely to continue, and American EV manufacturer Rivian has something even more ambitious in the early stages of development. According to a patent published the U.S. Patent and Trademark Office last month, the company has worked up a set of designs showing a pickup (presumably the R1T) equipped with reconfigurable bed modules. By using a flatbed configuration as the base setup, Rivian can simply tack on different modules to transform the rear for whatever job its owner needs it for.

Despite being in existence for nearly a decade, Rivian has operated in relative obscurity. However the company has finally decided to break cover by debuting its R1T electric pickup slightly ahead of the Los Angeles Auto Show. The American startup is attempting to best other EV manufacturers by filling unoccupied space on the market. While electric pickups do exist, only the Ohio-based Workhorse has a clear production plan and that’s intended to primarily serve commercial fleets.

Meanwhile, the R1T is being designed with the consumer market in mind and boasts some seriously impressive specifications.