Ford is one of Rivian’s high-profile backers, having invested a half-billion dollars into the company in 2019. The other is Amazon, which held a 20% stake in Rivian ahead of the IPO.
Rivian is aiming to take advantage of a growing appetite among consumers and investors for electric vehicles. It joins what’s becoming a long line of companies, both new and old, trying to peel away market share from Tesla.
Tesla has largely dominated the electric vehicle market for years, amassing a market value of more than $1 trillion along the way. So far this year, Tesla has sold around 627,300 vehicles.
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