Rivian, the US electric car manufacturer known as the "killer Tesla", said in a letter to shareholders that it plans to fully adopt new batteries in its electric vehicles, including lithium iron phosphate (LFP) chemical batteries for standard models and high-nickel chemical batteries for longer-lasting models, foreign media reported.
With regard to lithium iron phosphate batteries, although they do not provide the same range as NCA and other types of batteries, they are more widely used because they do not require any nickel or cobalt and are more stable than nickel-cobalt-aluminum oxide batteries.
Tesla announced in October that it would switch to cheaper lithium iron phosphate batteries around the world as the price of key materials soared.
Now, Rivian also plans to fully use lithium iron phosphate batteries, which is a follow-up to Tesla.
According to the data, Rivian was founded in 2009, and its products are oriented to two markets: R1T (electric pickup truck), R1S (electric SUV) for ordinary consumers and (EDV) for enterprises.
Rivian completed its initial public offering on November 10, 2021, priced at $78 per share, valued at about $76.5 billion and raised about $11.9 billion. This is the sixth largest IPO in the history of US stocks.
Rivian surged to US $179.47 on its fifth trading day, with a market capitalization of US $161.523 billion, making it the third largest car company in the world by market capitalization after Tesla and Toyota.
However, Rivian's results were at a loss: Rivian reported its first post-IPO results on December 16, 2021, with a huge net loss of $1.233 billion in the third quarter of 2021.
On March 11, Rivian announced its first-quarter and full-year results for fiscal 2021: Rivian's fourth-quarter revenue fell short of Wall Street analysts' expectations and its loss per share also fell short of analysts' expectations: Rivian reported fourth-quarter revenue of $54 million and a net loss of $2.461 billion, compared with a year-on-year net loss of $353 million, an increase from a year earlier.
With the announcement of the results, Rivian shares fell $2.79 to close at $41.16 in regular Nasdaq trading. In after-hours trading, Rivian shares fell another $5.47, or 13.29%, to $35.69 in after-hours trading as of 04:57 est.
Overall, over the past 52 weeks, the highest price for Rivian is $179.47 and the lowest price is $39.77.
