Earlier this week, Rivian, one of the hottest electric vehicle makers, which boasts Amazon as a major investor, recently filed confidentially for an initial public offering. The thing that really stood out, was its $80 billion valuation despite not having sold a single vehicle. That is in stark contrast to the million + that Tesla has sold. Even Lucid Motors (NASDAQ: LCID) only has a $33B valuation and is much closer to production.
This all shows just how hot the EV market really is. Companies like Ford are releasing electric versions of popular vehicles like the F-150 Lightning, which was famously debuted by none other than President Biden.
Thus, it’s no surprise there continues to be so much excitement around this space. Every year approximately 17 million auto retail sales happen in the United States, which breaks down to almost 50 thousand passenger cars, light trucks, and SUVs sold every single day. Not to mentions millions of commercial vehicles. That’s a lot of potential business for companies like Rivian, which have a fleet of over 30,000 branded deliver vans with plans to create a fleet of 100,000 electric delivery vehicles.
Electric Vehicles are here to stay and with a penetration rate of roughly 2% of the U.S. new car market, there is still a ton of growth ahead.