Rivian (RIVN) to experiment selling EV trucks in factory parking lot

Electric automaker, Rivian (NASDAQ: RIVN) announced earlier this week that the company will allow customers to shop for one of their vehicles in the parking lot just outside its downstate Normal factory on Saturday.

This unusual and experimental one-day tactic breaks from the company’s mostly online sales strategy by allowing prospective buyers to browse between different versions of its R1T, take a truck for a test drive (offered on a limited basis) and even buy a truck right then and there. Customers purchasing a vehicle can either order a delivery or drive their new vehicle off the lot.

Since 2021, the California-based startup has gone from having a long backlog of orders to sales lagging production. Rivian relies on selling trucks directly, and they can't just send them straight from the factory to dealers. As a result, they're stuck with a surplus of electric trucks that they need to figure out what to do with.

At the same time, Rivian is rapidly ramping up production of its electric SUV, which the company’s chief financial officer says is on track to overtake output of the R1T pickup this quarter.

The company expects to build some 50,000 vehicles this year, double its production volume in 2022.

Shares of RIVN are down 1.90% near end of day trading on Friday.

By Michael Elkins | [email protected]

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