EV startup Rivian Automotive Inc RIVN is reportedly set to open its first retail showroom in Chicago’s Gold Coast neighborhood after previously canceling plans for a different location.
What Happened: The showroom will be located at 871 N. Rush St., CoStar News reported, citing sources familiar with the lease.
This move is part of Rivian’s strategy to establish “family-friendly” showrooms across the country as it competes in the growing electric vehicle market. The new space is situated near luxury shops and is just a block away from a Tesla Inc TSLA showroom.
According to a separate media report, Rivian will open its first Canadian showroom in Burnaby by the end of the month.
EV news outlet Teslarati reported on the news earlier.
Why It Matters: Rivian reportedly plans to open more than 10 showrooms in the U.S. and one in Canada this year.
The Chicago showroom’s size has not been confirmed, but available leasing materials suggest up to 5,160 square feet of space.
Rivian’s first factory is located in Normal, Illinois, and it has been producing trucks since September 2021.
Read Next: Jim Cramer Turns From F-150 Lightning Fanboy To Skeptic After Price Cut
Photo by Tada Images on Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
