Rivian, the electric-vehicle manufacturer based in Irvine, is set to open a retail and experience center in Laguna Beach’s former South Coast Cinemas on PCH later this year. This center, called “Spaces,” will serve as a platform for customers to explore and test drive Rivian’s two all-electric vehicles, the R1T pickup truck and R1S sport-utility vehicle.
As part of its expansion strategy, Rivian recently opened its first retail center in Venice Beach and launched another Spaces location in New York’s Meatpacking District. Additionally, the company is in the process of developing a charging outpost near Yosemite National Park in Groveland.
“Our goal is to establish a physical presence in key areas across North America, allowing us to connect with current and potential customers on a more personal level,” said Tony Caravano, Senior Director of Customer Engagement at Rivian. “By doing so, we can authentically represent the Rivian brand and offer tailored experiences to meet the unique needs and interests of our customers.”
Rivian aims to accelerate its production this year, with plans to manufacture 50,000 vehicles, doubling its output from the previous year. Bloomberg reported that the company is also responsible for manufacturing the battery-powered electric van for Amazon.com, one of its major shareholders.
According to CFO Claire McDonough, the R1S SUV has gained significant popularity, accounting for approximately 70% of Rivian’s total pre-orders. In terms of service centers for its vehicles, Rivian currently operates locations in Costa Mesa and El Segundo.
Looking ahead, Rivian may face a potential expulsion from the Nasdaq 100 Index due to a substantial decline in its stock value, which has plummeted by over 90% since reaching a record high. JP Morgan Securities predicts this outcome for the company.
In summary, Rivian’s upcoming Spaces center in Laguna Beach will serve as a hub for customers to explore and experience its electric vehicles. This expansion aligns with the company’s objective of establishing a physical presence across North America to better engage with its customer base. With high production goals and a significant share in the electric vehicle market, Rivian continues to make strides in the industry.
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