As part of Rivian's IPO, the electric vehicle company reserved shares for people who have pre-ordered a truck or SUV as of Sept. 30.
, respectively. What sets Rivian's DSP apart is that the EV company doesn't have actual customers yet, despite a backlog of 55,400 pre-orders, as of Oct. 31.
"You kind of know going in this is going to be a pretty good sweetheart deal for customers who sign up," said White, who previously served as an economist for the Securities and Exchange Commission. "Not having a product, it's a way to extend some goodwill upfront so they can lock in those returns right away."
Patel said that while he's a big fan of Tesla, the Rivian R1S will be his first electric vehicle, though he's not sure when it will arrive. Rivian said it plans to deliver its backlogged vehicles by the end of 2023. In the meantime, the company is developing delivery vehicles forPatel, who has two kids, is willing to wait for the SUV, which has seven seats. Tesla's Models X and Y seat five.
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