Benzinga - by Anan Ashraf, Benzinga Editor.
Rivian Automotive Inc. (NASDAQ:RIVN) looks like it’s scheduled to open a new dealership in Tesla‘s home state of Texas next month.
What Happened: The new space in Austin is set to open on May 24, according to its Google Business listing.
The dealership, as per the map data, seems to be located off South Congress Avenue in Austin, about 14 miles from Tesla’s gigafactory. Rivian already has dealerships with service centers in Austin, Dallas, and Houston.
Rivian did not immediately respond to Benzinga‘s request for confirmation.
Why It Matters: Rivian “spaces,” as they call them, are dealerships where customers can interact with the company’s lineup. The company already has dealerships across Colorado, Illinois, California, and New York.
Irvine, California-based Rivian first announced the Austin dealership in June 2023. The 10,000-square-foot space will have a rooftop patio with city views and direct access to the Lady Bird Lake biking and running trail.
Rivian Takes Aim At Tesla’s Dominance: Both Tesla and Rivian offer electric SUVs and pickup trucks. Tesla’s Cybertruck competes with the Rivian R1T in the pickup segment, while the Rivian R1S SUV rivals Tesla’s Model X.
Tesla CEO Elon Musk previously cast doubt on Rivian’s long-term viability, citing potential financial struggles.
The EV maker lost nearly $43,372 per vehicle delivered in the last quarter of 2023, but this is a significant improvement from prior quarters.
The company aims to achieve gross margin profitability by the end of 2024.
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