Rivian and Tesla, the much-talked-about electric vehicle company based in suburban Detroit, is now headed for the public markets. The U.S. Securities and Exchange Commission said Friday it has received an application to trade Rivian stock on Nasdaq under the ticker RIOT. Let’s have a quick Rivian v/s Tesla.

This IPO will be closely watched by investors as it represents one of just a few EV companies that could challenge Tesla for dominance in what many predict will become a booming industry. Rivian plans to offer up to $100 million of stock from its two primary shareholders, founder Ransu Khosla and General Motors Ventures LLC.

The filings clearly state that CEO John Zimmer is planning on focusing RIV on high-end electric SUVs that are priced above $50,000. It is believed that this will mean no subcompact EVs are planned for the near future. The executive team believes this market is best served by higher-priced vehicles, according to an SEC filing.

The filing also stated that the company does not plan to raise any additional funds via public offerings and that it has not sold nor issued warrants. About $157 million was raised in private and public stock sales back in 2017.

Rivian’s primary product is the R1T, an all-electric pickup truck, which is available for purchase at a few dealerships across the country. Notably, there is no base model pickup truck for sale for under $50K (except Tesla’s entry-level offering). The R1T comes in two trims, the base model with a 60 kWh battery pack providing 220 miles of range, and the other with a 100 kWh battery pack providing 300 miles of range. The base model starts at $69,000 while the upgraded model retails for $86,000.

All models offer 0-60 MPH in just 3.0 seconds while offering an SUV-like driving experience.

CEO John Zimmer told Automotive News that “there are buyers that want to spend more money for better performance, more luxury or style or whatever it might be — and they’re our customers too.”

In May, 2019, Tesla made a bold claim that they were going to release their own “affordable” electric car. In response to this announcement, Rivian unveiled their electric vehicle as well as a prototype of an autonomous driving system. Since then, there has been a lot of back and forth about the cars and who will have the better one. Here is our comparison of Elon Musk’s Tesla and Dave Harris’ Rivian! What do you think?

Elon Musk creates a futuristic electric car dubbed the Tesla. Released in 2020 for $35,000, it is significantly cheaper than other cars on the market.

Dave Harris creates a futuristic electric car dubbed the Rivian. Deliveries will start in 2022 for $67,500 which is significantly more expensive than other cars on the market.

Tesla versus Rivian – A comparison with other cars

Elon Musk’s Tesla 2018 Model 3 Price: $35,000

Rivian’s R1 2018 Price: $67,500 (estimated)

Fiat Chrysler Dodge Ram 1500 2018 MSRP: $31,675

Elon Musk’s Tesla has targeted their design to be “affordable” to consumers by being priced at less than 20% above the low-cost vehicle models. Rivian’s R1 vehicle will be priced above the low-cost vehicle models. Fiat Chrysler Dodge Ram 1500 2018 MSRP: $31,675 Tesla versus Rivian Elon Musk’s Tesla has a higher percentage of sales to luxury vehicles with approximately 20% luxury sales to the typical model sales of 40%.

Rivian will be refining its target market to a much smaller segment of customers seeking a solution for a modern-day hybrid daily driver. Tesla is currently not producing any form of autonomous driving for production vehicles. Rivian is spearheading the pack in establishing an advanced driver assistance system.

While in the battle between Rivian and Tesla, Rivian is trying to do its part by providing sustainable transportation solutions. Tesla has created a semi-affordable option for the customer market which will soon offer affordable options. Rivian will not be offering a true ‘affordable’ option for a vehicle that can transport a family of four or more comfortably and affordably.

Electric vehicle manufacturers in the US

Most applications of electric vehicles, such as cars and trucks, continue to make up a small percentage of the total number of cars and trucks on the road. However, with growing concerns about greenhouse gas emissions and air pollution, more people are expected to turn to EV’s in order to reduce their environmental impact. There is still a lot that needs to be done before completely cutting coal-fired power plants alone will result in an end to air pollution problems. EV manufacturers in the US should also focus on achieving high fuel efficiency rates while also rapidly increasing their manufacturing capacity so they can satisfy the demand for these automobiles without shortages.

Electric vehicles in the US

Most energy used in a typical EV is supplied by a battery, while some other components such as brakes and tires also require electrical energy. The electricity used to power an EV mostly comes from renewable sources such as wind, hydroelectric dams, grain alcohols, and solar cells. In addition to electric vehicles, hybrid vehicles that use recyclable fuels such as ethanol and methanol are also becoming more popular.

The future that Rivian and Tesla have shown of electric vehicles, may seem uncertain, but this is largely due to the fact that the technology is still relatively new and we know very little about how it will develop. There are a few things that we do know. Firstly, there needs to be more research on battery packs and charging methods in order to further accelerate performance. Secondly, new models need to be produced which can accommodate modifications such as fast charging and upgrades for autonomous driving capabilities. Eventually, electric vehicle technology will evolve in a similar way to smartphones where they will become cheaper and more accessible so most cars can soon have this option available without too much effort or expense.

There are several reasons why an electric-powered renaissance is more likely than ever before. Firstly, the cost of solar power installations has decreased massively. A solar panel system on the roof of an average home will generate around 578 kWh per year which can be used to charge a car’s battery pack for around 24 cents per mile. This makes an electric vehicle very competitively priced in comparison to internal combustion cars.

Secondly, battery technology is improving at an exponential rate and any day now they will be able to store enough power for longer journeys without needing to recharge again. Last but by no means least, the infrastructure for electric vehicle charging is already in place which makes it increasingly simple and convenient to make use of this technology. As fuel prices continue to rise and more people begin to want to own an electric vehicle, the finances of charging them will become easier.

There are several big companies working on the future of electric vehicles which you can see in this list made by London’s Evening Standard:

Carmakers are developing better batteries, electric motors, and power electronics. These are essential to reduce the cost of electric cars, which until now have been more expensive than conventional vehicles. But these are also the components that could make driving easier, faster, and safer by allowing electric cars to be charged in minutes or supporting future autonomous driving technologies.

The A2A project aims to design a charger for electric vehicles that can be installed at home. The goal is to create an interface between the charger and the vehicle so it is possible to control it remotely using a smartphone app.

The electric vehicle market has expanded and is projected to keep expanding.

But, is it really affordable?

Not exactly. The upfront cost of an EV is still more expensive than a conventional car. You can get a model like the Nissan Leaf or Chevrolet Bolt starting around $27,000 before any incentives like tax breaks, but it’s not uncommon for your average used sedan to sell for around $15,000 without the rebates. There are rare occasions where you can find a used car for $10,000, but even they’re around $5,000 more than an EV.

However, there are several factors to consider with the high price of EVs. First of all, don’t forget about the federal tax credit! There are currently up to $7,500 in federal incentives available for EVs and they’re not accounted for in that estimated price above. It gets even better if your state offers its own rebate or tax credit too. California has some of the coolest perks like HOV lane exemptions and access to carpool lanes with only one person in the vehicle (even if it has two). The state also offers a $2,500 rebate for new car purchases in addition to federal incentives. If you’re in a state that offers no rebates or tax credits, you can still potentially save a lot of money with cheaper electricity in your area.

Also read: Decentraland, MANA, and Virtual Reality

In a brief

In the end, it averages out to about $20,000 when accounting for all the rebates and incentives from various parties. That’s still much more expensive than a conventional vehicle, but not as bad when you consider how much money you could save on gas by switching to an EV.

It’s also worth noting that the EV market is much more competitive than you might think. The market share of EV sales has increased since 2011 and 2015, but it still only averages around 1% of retail sales for each vehicle. That means that there are still a lot of options available for someone who’s on the hunt to buy an all-electric vehicle.

Even if you have big bucks to burn, you can find used cars for under $10,000 with plenty of options to choose from, especially in areas where electricity isn’t as expensive.