Autos

Who Actually Owns Rivian

Spencer Platt / Getty Images

Electric cars appear to be the way of the future. With all of the issues surrounding our climate and what we’re doing to it, people have become more sensitive to their impact on the world. Gas prices are rising, which has also become a huge sway for people to start to look for an electric car. There are also now tons of different places you can charge your car when you’re out and about.

Only a few years ago, you would have to keep a constant eye on your battery level to make sure you’d be able to get home in time to charge your car. Technology truly has advanced so quickly in such a short amount of time. The cost of owning one of these electric cars has also become much more reasonable.

One of the talking points for why people didn’t mind still paying for gas is how much they’d have to spend over such a long amount of time to make up for the price difference. These days, some electric cars are even cheaper than the newer models of cars we’ve come to know and love.

Rivian (NASDAQ: RIVN) has become one of the leaders in the electric car industry. Unlike other electric car brands, the owner and founder of Rivian hasn’t tried to force their way into our lives. Who exactly owns Rivian?

Who Owns Rivian?

Rivian EDV is connected to an electric charger.

Rivian is a publicly traded company on Wall Street, meaning it doesn’t have one singular owner. Because the company has only been around since 2009, it makes sense that going public was the natural next step. Companies go public as a way to easily raise funds to reinvest in the company without having to take out loans from banks that could have awful interest rates. Being public also means that you have a board, or group of people at the top, who make all of the decisions.

For Rivian, this consists of RJ Scaringe, who’s the CEO and also happens to be the founder. The fact that the founder of the company is still making the final decisions is rare for a successful company that’s gone public. Whenever the founder goes public, a lot of times they’ll step back and just let others control the company.

Scaringe is making sure that things are done his way and how he likes it. This will only benefit Rivian, especially in the short term. Rivian has so much potential to take over the automotive industry, and having the founder treat it with grace is the best way to get it there.

What’s the History of Rivian?

Rivian was first founded back in 2009 by RJ Scaringe. The company had the focus of creating an electric car the entire time of its existence, proving it knew what the future of transportation would be. The key was to make it accessible to all, like how gas stations seem to be on every corner you turn. Because there was no way to publicly charge your car, the company had to first make hybrids.

In 2015, Rivian had lots of public investment, thanks to the fact they’re located in the San Francisco area. San Francisco is known for being a tech-heavy town, so people took notice. This was also the time when Tesla started to truly gain traction. The thought of having a major competitor out of the technology capital of the world just seemed too good to pass up.

It took a long time for Rivian to go public, as they had their IPO in 2021. By this time, electric charging stations had become more and more accessible for use. These days, Rivian is one of the most interesting stocks to follow. The growth potential is there, especially if you get in on it soon.

What Can Rivian’s Stock Get to?

This isn’t a stock you should hammer.

As of December 2023, the stock is only selling for $17 per share. Unfortunately, the stock has had a horrible fall from its IPO of $160. This isn’t to say that the company is a complete wash. 2021 was a very tough year for businesses coming off Covid-19. Electric vehicles are most certainly the way of the future, and Rivian has the tools necessary to come back.

Sadly, it would be irresponsible to assume a massive increase in the value of the stock. However, it does look like the stock has settled near the $17-$20 range. If we’re being optimistic, there’s no reason the stock can’t get up to $25 per share by the end of 2024.

This isn’t a stock you should hammer, though. Previous history is important to take into account here. You should only invest a little bit of money and keep track as the year goes on and see how it ends up.

Sponsored: Find a Qualified Financial Advisor

Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.