Rivian is planning hundreds of stations for the Rivian Adventure Network. Like Tesla, Rivian plans to open its chargers to the public.
Rivian’s investment in charging infrastructure is crucial, as the electric vehicle startup has already spent billions of dollars to commence the production of its R1T, R1S, and commercial vans for Amazon. However, Rivian’s low production numbers and mounting financial losses have negatively impacted its stock price, which is down nearly 90% since going public in late 2021.
Recently, Rivian’s CEO RJ Scaringe stated at an investor conference that the company could receive government funding to build a part of its charging network beginning in 2024, provided that its chargers are open to the public. Scaringe comments came after the Biden administration issued final rules in February for companies seeking federal funding to establish charging networks.
Currently, Rivian’s charging network, the Rivian Adventure Network, is estimated to have added 72 charging units at 12 new stations in the first quarter of this year, surpassing the Electrify America network but lagging behind Tesla, EVgo, ChargePoint, and EV Connect.
However, according to Loren McDonald, CEO of EVAdoption, Rivian’s charging network could potentially become the fifth-largest in the US, trailing behind Tesla, Electrify America, EVgo, and ChargePoint. McDonald noted that before Rivian opens up its charging network to the public, the company must focus on providing a seamless and exceptional experience for its customers, which may take a few years.