TSLA - Rivian Is Creating an Infrastucture for Green Adventurers
Besides building its R1T pickup and R1S sports utility vehicle, the American EV maker and technology company founded in 2009, Rivian announced its plans to build its own EV charging station network across the United States. The charging network will include fast chargers on strategic positions. This strategy has already been proven by Tesla, Inc. (NASDAQ: TSLA) and Electrify America, a subsidiary of Volkswagen (OTC: VWAGY) as the company’s settlement for its emission scam scandal. But Rivian is going a step further as besides the strategic locations, its chargers will be found on places off-the-beaten-tracks, because its vehicles are built for various adventurous locations.
The company’s plan may be a bit atypical for the industry, but Rivian’s EVs will be driven across various adventurous locations like mountain hikes, biking trails, kayaking spots and popular climbing crags as they appeal to a very specific customer base.
An “all in one” experience
Old school automakers decided to rely on third-party charging companies, like EVConnect, EVGo, ChargePoint, Electrify America, and Greenlots. Furthermore, they went for partnerships and strategic investments to ensure their upcoming electric models will have where to be charged. Instead of relying only on third party chargers, Rivian decided on its own charging network as well. Until today, the company raised around $6 billion with hundreds of millions spent to make the R1T and R1S. The rest of the funds may be used for scaling up, further development, and the charging network. The charging network is key to ensuring a high-quality experience for customers. Although there are companies such as Worksport (OTC: WKSP) who provide accessories like solar-powered tonneau covers that also reduce range anxiety as they are able to store energy, a charging network allows the monitoring and control of the uptime, the performance, and the payment platforms. Each Rivian station is planned to have an average of six charging connectors.
Rivian charging network only for “Rivians”?
Having in mind that Rivian is using a Combined Charging System (CCS), a direct current connector, which is an open international standard gaining more and more popularity in North America and Europe, Rivian SUVs and trucks can use any third-party CCS charger. In theory, this also means that other electric vehicles with the CCS standard could use Rivian’s chargers, unless the software blocks their use.
The rise of EVs continues
EV sales have been accelerating with the growth trend forecasted to continue as many EV startups are entering the fight to take their place in this new world. The growth of the EV market is imminent, and some analysts say it could be around 40% in the next year. There may be a lot of risks involved when investing in EV stocks, but having in mind the overall interest in EVs and renewable energy for a sustainable future, the potential of the upcoming period is high. As always, the rule is that there can be no great reward without a high level of risk.
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