Tesla Rival Rivian To Install Over 3,500 Fast EV Chargers And Another 10,000 Open To Public By 2023

Amazon.com Inc. AMZN-backed electric vehicle startup Rivian on Thursday revealed plans to install more than 13,500 chargers by the end of 2023 across the United States and Canada, meant exclusively for its customers as well for the public.

What Happened: The electric vehicle startup said its Rivian Adventure Network, exclusive to owners of its soon to be launched electric vehicles, will add more than 3,500 DC fast chargers at over 600 sites spread across highways, and main roads, often by cafes and shops. In addition, it also plans another 10,000 chargers, called Waypoints, that will be open for public use.

Rivian is laying the groundwork for its customers as it nears the launch of its first electric vehicles R1T pickup truck and R1S SUV this summer. The announcement is also well-timed with President Joe Biden’s electric vehicle push and a call to build more than 500,000 new electric vehicle charging stations by 2030. 

See Also: Rivian To Build EV Charging Network In Offbeat Locations Across US For Adventurous Customers

Why Is It Important: A robust charging infrastructure is essential to help grow the adoption of electric vehicles faster without which buyers will stay away. Seen as a Tesla Inc TSLA competitor, Rivian’s Waypoint chargers will be open to the public. In contrast, Tesla, which has a network of over 20,000 superchargers, offers the service only to the owners of its own brand such as Model 3, Model S, Model X or Model Y.

Rivian has raised about $8 billion since the beginning of 2019 and is valued at $27.6 billion. The EV maker is said to be eyeing the possibility of a September initial public offering at a $50 billion valuation. Besides Amazon, it counts Ford Motor Co F as its investor.

See also: How to Invest in Tesla Stock

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