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Will Rivian’s electric vehicles end Detroit’s reign over the US auto industry?
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Normal, Illinois, a town of just 55,000 people, could be the future of car manufacturing, according to Wall Street traders, at least. Six hours’ drive away in Detroit, home of the US auto industry for more than 100 years, they are not so sure.
The town gained international attention earlier this month after the Amazon-backed Rivian, an electric vehicle startup, went public in one of the biggest stock market debuts since Facebook. Despite the fact that the company has delivered only about 150 trucks, Rivian is now valued at about $100bn, more than either Ford or General Motors, which produced about 10m vehicles between them in 2020.
Investor enthusiasm for Rivian – especially after its electric vehicle rival Tesla hit a $1tn valuation – has
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