RV Rental Company Outdoorsy Is in Talks with Rivian, Ford for EV Order

(Bloomberg) -- Recreational vehicle rental company Outdoorsy Inc. is in talks with Rivian Automotive Inc. and Ford Motor Co. to order $100 million in electric trucks and SUVs over the coming years to build out its fleet. 

Outdoorsy is aiming to order roughly 1,000 Rivian trucks, Chief Executive Officer Jeff Cavins said in an interview Friday, to add to its platform for renters and employees. Cavins described the two companies’ collaboration as a “logical and organic alignment,” given Outdoorsy’s focus on nature and camping, but said delivery of the trucks wouldn’t happen until 2023 if Rivian accepted the order. Cavins later added in a statement that Outdoorsy is also talking with Ford about fulfilling part of its order.

Rivian and Ford didn’t immediately respond to emailed requests for comment. On Friday, Ford said it was abandoning plans to develop an electric vehicle with Rivian, in which the legacy automaker has a 12% stake. Rivian shares fell about 16% Monday in New York while Ford gained 3.3%.

Rivian, which listed on the Nasdaq earlier this month, currently has 55,400 pre-orders, the company said in regulatory filings, and is targeting production of 1,310 vehicles a week. Shares of Rivian have risen 65% since they began trading on Nov. 10

Austin, Texas-based Outdoorsy was founded in 2015. It has has seen a boom in demand during the pandemic, helping it surpass $1.5 billion in total sales, Cavins said. The company had previously been in advanced talks with a special purpose acquisition company, but instead decided to seek new financing. Bloomberg reported in September that Outdoorsy hired Goldman Sachs Group Inc. to work on a filing, but Cavins said Friday no decision has been made yet on a public listing. 

“Last year, Outdoorsy was the only choice for travel. It was really us, and we got hit with a surge that we had a real hard time keeping up with,” he said. Demand has continued in 2021 even as air travel has rebounded, with Outdoorsy bookings up 145% year-over-year, and the company is forecasting further growth in 2022.

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