5 Biggest Electric Vehicle Companies in the World

4. Rivian Automotive, Inc. (NASDAQ:RIVN)

Market Capitalization as of November 12, 2022: $30.83 billion

Rivian Automotive, Inc. (NASDAQ:RIVN) is an American company that manufactures electric passenger trucks and sports utility vehicles. The firm is headquartered in San Jose, California.

Rivian Automotive, Inc. (NASDAQ:RIVN) posted a strong set of results for its third fiscal quarter, which saw the firm grow its production volume to 7,400 vehicles by 3,000 vehicles and its reservations by 16,000 to 114,000. At the same time, it improved its capital burn rate and reduced the need for further capital injection. RBC Capital kept an Outperform rating on the shares in November 2022, even though it reduced the share price target to $50 from $61 due to the firm pushing the release of a model by one year. Rivian Automotive, Inc. (NASDAQ:RIVN)’s latest market capitalization sits at $30.83 billion.

Rivian Automotive, Inc. (NASDAQ:RIVN)’s largest investor is Phillippe Laffont’s Coatue Management which owns 18 million shares that are worth $485 million.

Baron Funds mentioned the company in its Q3 2022 investor letter. Here is what the fund said:

“Rivian Automotive, Inc. (NASDAQ:RIVN) designs, manufactures, and sells consumer and commercial electric vehicles (EVs). Shares of Rivian were up 28% in the third quarter driven by second quarter production that beat expectations, a new partnership with Mercedes Benz, and the positive potential impact of the recently announced Inflation Reduction Act on accelerating broader EV adoption. While Rivian continues to be impacted by supply-chain issues that are causing delays in its production ramp, it is addressing the challenges by diversifying its supply chain to alleviate shortages while also consolidating the number of variants in development to reduce cash burn (the company guided that current cash will be enough to support the company’s future platform launch R2 in 2025). The company also recently reported stronger than-expected third quarter production results while reiterating its annual guidance of producing 25,000 units. As semiconductor shortages ease, we believe the company will be able to rapidly ramp its production. While we retain conviction in the shares given the company’s vision, product positioning, relationship with Amazon.com, and strong balance sheet, we have reduced the size of our position.”