Collision information provider, Mitchell announced that it is the first collision industry information provider to sign a data licensing agreement with electric vehicle (EV) manufacturer Rivian (NASDAQ:RIVN). The agreement will allow auto insurers and collision repairers using Mitchell Cloud Estimating and Mitchell Cloud Estimating TruckMax to write damage appraisals and access repair procedures for the automaker's full line-up of passenger and commercial vehicles.
Rivian has ramped production aggressively and, as of Q1 2023, manufactured more than 34,000 passenger and commercial vehicles.
"Rivian is committed to supporting our passionate, adventurous owners and customers throughout the vehicle lifecycle. Unfortunately, this may occasionally include a collision event," said Rivian's Manager, Collision Data and Industry Relations, Brandon Chittenden. "We are eager to make Rivian's data available in Mitchell's collision estimating database. This is a crucial step in helping insurance carriers and repairers restore our vehicles to pre-accident integrity and get our customers back on their adventures quickly."
This announcement comes as EVs rapidly gain market share. While total new vehicle sales fell 8% in 2022, EV sales grew 65% and topped 800,000 units for the first time ever. In the US, 5.8% of new cars purchased were EVs, surpassing the 5% tipping point that many in the industry feel is the threshold for the start of mass adoption.
"Increasing EV adoption rates have reinforced the need for accurate data on the latest vehicles along with a technology platform built for battery electric vehicles (BEVs) and their unique design differences," said Debbie Day, executive vice president and general manager of Mitchell's Auto Physical Damage division. "Mitchell is meeting this need through expanded EV coverage and enhancements to our cloud-based estimating platform, which are designed to better support accurate and efficient BEV damage appraisals."
Shares of RIVN are down 1.01% in early trading on Thursday.