Rivian debuts showroom plans with Chicago lease

Rivian, the fledgling but well-financed electric vehicle maker, is getting ready to show off its vehicles in Chicago's Fulton Market neighborhood, part of a plan to open 10 retail locations this year.

The company, which just raised $2.65 billion in its latest funding round, confirmed that it plans to open a showroom in a building at 932 W. Randolph St., a couple blocks east of McDonald’s headquarters. It would be among the first retail locations in the country for the company, which expects to deliver the first of its trucks and SUVs this year.

The Fulton Market showroom would be one of 10 “retail experiences” that Rivian plans to open in 2021, with more planned for the future, the company said in a statement.

“As we prepare to deliver our first vehicles this summer, we’re working to establish physical locations where people can experience Rivian in person,” Tony Caravano, Rivian’s senior director of customer experience, said in the statement. “With a high concentration of Rivian pre-order customers, Chicago is a key location for us, and Fulton Market is a vibrant neighborhood and a great fit. Our vehicles are Illinois-built and we’re looking forward to sharing them with this community."

Rivian has picked an up-and-coming neighborhood to build its brand in Chicago, a trendy area that fits with the company’s cutting-edge image. Its restaurants, office buildings, apartment buildings and hotels also attract a well-heeled group.

The Irvine, Calif.-based manufacturer already has made a huge investment in Illinois, buying a shuttered factory in downstate Normal in 2017 and spending north of $1 billion to convert it into an assembly plant. About 700 people work at the factory, a number that’s expected to grow.

Rivian has three vehicles planned: the R1T electric pickup, with the $75,000 Launch Edition entering the market first and a $67,500 trim coming later; the $77,500 R1S electric SUV; and an electric delivery van for Amazon. The R1S is slated to arrive later this year, with a less expensive model coming, probably in 2022.

Rivian has gone public with plans for one other retail location, in a former movie theater in Laguna Beach, Calif. The automaker plans to keep the theater but shrink it, and showcase its vehicles in the building’s lobby, according to the Los Angeles Times.
   
In Fulton Market, Rivian would move into a former MB Financial bank branch that Chicago-based L3 Capital acquired in 2019. L3 is redeveloping the three-story building into mixed-use property, with retail on the ground floor and office or retail space on the second and third floors, according a brochure from CBRE, which has been marketing space for lease.

It’s unclear how much space Rivian is leasing in the building. One person familiar with the property said the company has agreed to occupy the entire building. L3 and CBRE representatives did not respond to requests for comment.

Rivian is backed investors including Ford Motor Co., BlackRock, Cox Automotive, Fidelity and Amazon, which is buying electric vans from Rivian for its rapidly expanding delivery fleet. Amazon recently began testing the Rivian vans in Los Angeles.

Rivian isn’t the first electric car maker to open a showroom in Chicago. Tesla opened a gallery for its cars in the Gold Coast in 2017, and now has five other locations here, in the River West neighborhood, Naperville, Highland Park, Westmont and Schaumburg, according to its website.

Crain's Chicago Business reporters Danny Ecker and Ally Marotti contributed.