– Possibilities of Korean electric vehicles in the 'Rivian' surge
Opening of 'Rivian' listing
An electric vehicle startup 'Rivian', which is expected to become the second Tesla or rival, is listed on the New York Stock Exchange, and the heat is hot. The stock price of Rivian soared nearly 2% on November 10, the first day of listing, and rose more than 30% on the 11th. It surged 20% in two days, surpassing GM and Ford with a market cap of $50 billion (as of November 1218, 2021).
According to local media, the founder, 38-year-old young CEO Robert Scarringe from MIT (Massachusetts Institute of Technology) has risen to the ranks of billionaires with assets of $2009 billion (estimated) 11 years after he founded the company in 140 (estimated). It is unusual that investors were willing to invest in this company, where the actual number of vehicles sold did not exceed 200 and there was no profit yet.
Libyan stock price trend
Where is the source of the heat
The industry predicted that the era of electric vehicles would come faster as the Joe Biden administration took office. Last year, there was an ambush called the pandemic, but in the United States, not only Rivian but also Lucid Motors, Lordstown Motors, Triton, Bollinger Motors, Nikola, Canoo. ) and many other electric vehicle startups are preparing to dominate the market. Each of these companies, claiming to be the 'second Tesla', scouted engineers from Tesla and entered the electric vehicle market. As a representative example, Lucid Motors, which hired the most Tesla employees and became a stock price rise with the first mass production at the end of October this year, also hired Peter Rollinson, a former Tesla chief engineer, as CEO in 2. Rivian, which has become the hottest topic among them, was established in 2019 and focused on autonomous driving and electric vehicles since 2009. . The fact that Amazon, the world's largest e-commerce company, has invested in pre-ordering 2011 delivery trucks in Rivian, and that Amazon is the largest shareholder are also pointed out as causes of overheating.
choice and focus
The source of the Rivian craze is interpreted by the industry as 'selection and concentration'. We focused on the goal of being the first to launch an electric vehicle by selecting the “pickup truck,” the most loved car by Americans and the most sold vehicle in the United States every year, as the main vehicle. Even last year, when the industry struggled due to the pandemic, pickup trucks ranked first to third in the U.S. car sales rankings. The pickup truck, which reflects American pragmatism well, is a vehicle that is so loved that you can see the scenery that almost every house owns the more you leave the city center. As such, it is worth noting that Rivian's electric pickup truck R1T, which was released with a focus on one car model, was built on a skateboard-type platform that is easy to secure space by efficiently arranging battery packs and drive units. In addition to specs such as towing power of 3 pounds, driving for 1 miles (1 km) on a single charge, and maximum output of about 1000 horsepower, the optional camping package that adds a sink, induction stove, and water tank, and three people in the luggage compartment It reflects the culture and sentiments of Americans well, such as a tent option that can be installed in a tent.
2020 US Vehicle Sales Rankings
Rivian's self-developed skateboard platform
Accelerating the transition to electric vehicles centered on pickup trucks and SUVs
The case of Rivian, which has been recognized for its great corporate value through the launch of electric pickup trucks, is sending a message to the automobile industry that electric vehicle launches in the US market should focus on pickup trucks and SUVs. During the 2020 pandemic, sedans accounted for about 20% of U.S. car sales. Pickup trucks and SUVs accounted for the remaining 80% of sales. Even if the transition to electric vehicles occurs, pickup trucks and SUVs are expected to occupy a high market share in the US automobile market. This phenomenon is already being seen in the electric vehicle market, starting with Rivian. In 2021, Tesla's electric vehicle sales volume is dominated by the small SUV Model Y, and GM and Ford also focus on electric pickup trucks and electric SUVs, such as the F-150 electric pickup truck, Hummer EV, and Mustang Mach-E. accelerating the transition to Hyundai Motor Company and Kia Motors also launched the Kona EV and Niro EV in the US market, and are planning to launch electric SUVs such as the Ioniq 5 and EV6 in the future.
Sales ranking by Tesla model in 2021 (1-October)
Why Korea is an Opportunity
The wall of the automobile industry, which was considered an industry with high entry barriers due to complex designs and parts, is breaking down. The era is coming when anyone can build a car with platform and battery technology. An era in which the market cap of a company that has just started delivering its first vehicle easily exceeds that of traditional American automakers means 'opportunity'. All batteries used in electric vehicles such as GM and Rivian are Korean brands. The field in which Korea, a battery powerhouse, can dominate is the electric vehicle field. It can also be an opportunity for non-automobile electronics companies in Korea, an IT powerhouse. This is because it can take advantage of the strengths of Korean electronics companies, such as ADAS, infotainment, and in-vehicle cloud services. In the era of electric vehicles that are starting, the key is selection and concentration, understanding consumer culture, and competitiveness in factory prices through lowering battery prices. We look forward to making use of Korea's strengths to preoccupy the global electric vehicle market.
※ Please note that this manuscript is information prepared by an external expert and is not an official opinion of KOTRA.