[Featured Stock] Daewon Chemical Rises on Rivian's Warranty Announcement Surpassing Tesla in US Electric Vehicle Market

[Asia Economy Reporter Jang Hyowon] Daewon Chemical is showing strength following news that the American electric vehicle company Rivian announced an electric vehicle warranty superior to Tesla's. Daewon Chemical is known to supply eco-friendly seat materials to Rivian.

As of 9:43 AM on the 5th, Daewon Chemical is trading at 2,900 KRW, up 3.57% compared to the previous trading day.

On the 1st (local time), Rivian disclosed the full warranty information for its electric pickup ‘R1T’ and SUV ‘R1S’, which are about to enter full production.

The bumper-to-bumper warranty is ‘5 years/60,000 miles’, surpassing Tesla’s ‘4 years/50,000 miles’ warranty, and the battery pack warranty covers all components inside the high-voltage battery for 8 years or 175,000 miles (281,635 km).

It was added that this service includes maintaining at least 70% of the battery capacity over the same time or mileage criteria. Tesla also guarantees the battery pack for 8 years like Rivian, but the mileage coverage is 150,000 miles for ‘Model S and X’ and 120,000 miles for ‘Model 3 and Y’, which is lower than Rivian’s standard.

Meanwhile, Daewon Chemical announced last month that it will supply eco-friendly seat materials to the American electric vehicle specialist Rivian, following its supply to the Ioniq 5.

Rivian, called the ‘second Tesla’, is a company that stands out in the pickup truck and SUV sectors among electric vehicles. It has received large-scale investments not only from Amazon but also from the automaker Ford.