Electrical car startup Rivian continues to go from energy to energy.
After managing to boost $13.7 billion from an preliminary public providing in November, the corporate is now making ready to construct its second car plant.
Rivian in a shareholder letter issued on Thursday mentioned it has chosen the state of Georgia for the brand new plant which is to have an annual capability of 400,000 autos, or double the capability of the present plant in Regular, Illinois. The previous Mitsubishi plant, which Rivian acquired in 2016, is dwelling to the R1T pickup truck, R1S SUV and EDV (Electrical Supply Van).
Rivian has earmarked $5 billion for the Georgia plant, which be a brand new website situated about an hour east of Atlanta, and the corporate plans to begin development of the positioning in mid-2022. The primary autos ought to be in manufacturing someday in 2024, Rivian mentioned.
Rivian did not say what autos can be constructed on the new website. Nevertheless, CEO R.J. Scaringe in 2019 mentioned the corporate was seeking to have as much as six autos by 2025, one among which is considered a performance-oriented crossover. And in 2020 he mentioned the corporate would launch autos smaller than the full-size R1T and R1S to cater to tastes in China and Europe, the place Rivian plans to broaden beginning in 2022.
Rivian has additionally mentioned that it plans to launch extra fashions primarily based on its business car platform underpinning the EDV. The following is predicted to be a smaller van that Rivian plans to market to business clients.
Rivian already has loads of orders for its current fashions to fulfil, although. The corporate mentioned in its letter that it has racked up 71,000 pre-orders for the R1T and R1S within the U.S. and Canada. The corporate additionally has 100,000 confirmed orders for the EDV from Amazon.
As Rivian continues to be in a development section, the corporate expects to proceed shedding cash within the years forward. For the third quarter of 2021, it reported an operational lack of $776 million and a internet lack of $1.23 billion. It additionally warned of some provide chain points and points associated to ramping up manufacturing that may imply it falls in need of its 2021 manufacturing goal of 1,200 autos by “a couple of hundred autos.”