According to a recent report in the New York Times, Rivian Automotive has come through an turbulent road that led to an IPO, and the company is now riding high, as the company’s stock has rallied since its IPO.
The Rivian pre-IPO news coincides with news of another big public company, Tesla Motors, which came under intense criticism from Senator Bernie Sanders and 50 other Democratic senators for its plans to pursue a joint venture with SolarCity, a large solar panel company controlled by SolarCity CEO Elon Musk, Tesla’s Chairman and Chief Technical Officer. SolarCity has been the catalyst for complaints that Tesla’s battery technology is inferior to that offered by Tesla’s battery partner, Panasonic.
To give credit where it’s due, Tesla has certainly scaled its operations since Elon Musk left PayPal and Tesla’s IPO, and new CEO Elon Musk helped steer Tesla to become one of the most lauded EV companies around, with its better battery technology.
Rivian remains quietly strong, even after its stock prices took a steep tumble in 2014, and plummeted further after the company suspended production of its two pre-production vehicles. The electric-truck maker has not returned to a revenue base that is even close to Tesla’s, and there is no telling how much more big issues could mess with Rivian in the future.
As of right now, Rivian’s home base of Ann Arbor, Michigan, is making news as local investors welcome the Rivian IPO and then cash out.
While in the short term, Rivian may recover from the Tesla controversy and other issues, it should not be forgotten that Detroit, and the company’s home state, has also had its share of bad headlines.