Rivian, the electric truck and SUV company backed by Amazon, announced on Tuesday that it will join Ford and General Motors in adopting Tesla’s so-called North American Charging Standard.
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Rivian said Monday it would no longer pursue a deal with Mercedes to build electric vans for businesses in Europe. It’s the second does of bad news for the auto industry over the weekend. The corporate parent of Jeep announced earlier that a Jeep plant in Illinois will close in February.
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Shares of upstart electric truck maker Rivian plunged as much as 17% on Monday after the company said that it is no longer working with Ford to jointly develop vehicles.
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The electric vehicle maker has been public for all of one week, but its share price has more than doubled in that time, valuing Rivian at more than $140 billion — just ahead of Volkswagen ($139 billion), and in third place behind Toyota ($306 billion) and Tesla ($1 trillion).
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Rivian, the electric vehicle maker backed by Amazon and Ford, is making its Wall Street debut on Wednesday, surrounded by mania that befits a market that appears to be defying gravity.
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Rivian, an electric vehicle startup backed by Amazon and Ford, says it has filed confidential paperwork with the Securities and Exchange Commission for an initial public offering.
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Tesla has filed suit in a California court against its potential rival Rivian, alleging that the Michigan-based electric truck maker poached its employees and instructed at least one employee to steal trade secrets. Rivian calls the suit “baseless.”
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Rivian, a Michigan-based company with plans to make fully electric pickups and SUVs, announced Friday that it secured an additional $2.5 billion in funding.
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