Rivian's Aggressive Expansion: New EV Crossover, High-Profile Hires, and $1.3B Loss
Electric vehicle (EV) startup Rivian has been making waves in the industry with a series of strategic hires and upcoming product launches. In August 2022, the company appointed former Carvana executive Alan Hoffman as its chief policy officer. Meanwhile, Rivian's founder and CEO RJ Scaringe will continue to lead all product development, with outgoing Chief Product Development Officer Nick Kalayjian serving in an advisory role.
Rivian's expansion continues with the unveiling of its new R2 electric crossover, set for March 7, 2023. This mid-size model is expected to hit the market in 2026, with a projected price range of $45,000 to $50,000. The company has been on a hiring spree, bringing in executives from established automakers and major tech companies. Kjell Gruner, former CEO of Porsche Cars North America, joined Rivian in September 2022 to oversee sales, marketing, customer care, delivery service, and fleet. Jennifer Prenner, who previously held marketing roles at Amazon, Verizon, and CenturyLink, will lead Rivian's marketing efforts as vice president of marketing, reporting to Gruner. Jonas Reinke, former head of product, mobility, and automotive services at Apple, will join Rivian as vice president of product management. Rivian has also added John Krafcik, former Hyundai Motor America and Waymo CEO, to its board. Despite these advancements, Rivian reported a loss of over $1.3 billion in the third quarter of fiscal year 2023.
Rivian's aggressive expansion, marked by strategic hires and upcoming product launches, signals its commitment to the EV market. The company's new R2 electric crossover is eagerly anticipated, and its high-profile appointments suggest a strong focus on growth and innovation. However, Rivian's recent financial results indicate that the company is still navigating the challenges of scaling up production and operations.
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