Enlarge / Rivian pick-up trucks on the assembly line in Normal, Illinois. (credit: Bloomberg)
Spotting an electric truck on the road remains a novelty in most of the US, but not Normal, Illinois.
The town in the Midwestern corn belt is home to the manufacturing operations of Rivian, the battery-powered vehicle start-up worth more than Ford or Volkswagen soon after it listed 18 months ago.
Rivian’s market capitalization has since crumbled from a peak of $162 billion to $12.5 billion in the face of production shortfalls and intensifying competition from carmakers both established and new. It is expected to report a $1.7 billion operating loss on $654 million in revenue in first-quarter results due on Tuesday, according to a compilation of analysts’ estimates.
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