Rivian Has Raised A Further $1.3 Billion In Funding For Its Vehicles
The electric vehicle start up Rivian announced on Monday that it had raised a further $1.3 billion in funding.
The $1.3 billion was the company’s fourth round of funding raised in 2019 alone. Prior to this recent investment Rivian had also received massive funding from Amazon, Ford and Cox Automotive.
The ecommerce giant, Amazon, made an investment of $700 million in Rivian. In addition to that investment Rivian announced it would be collaborating with Amazon on the development of an electric delivery van utilizing Rivian’s “skateboard” (a chassis that bundles electric motor, batteries and controls and can accommodate a variety of body styles) platform technology and that 100,000 of these vans had been ordered, with deliveries starting in 2021.
Ford made an investment of half a billion dollars in Rivian which includes a collaboration on electric vehicle technology. The belief is that Ford plan to use the technology in order to power what is expected to be an all-electric Lincoln SUV due in 2022.
In a statement regarding the amount of funding the company had managed to achieve Rivian Chief Executive R.J. Scaringe stated, “this investment demonstrates confidence in our team, products, technology and strategy.”
According to the company no new board seats were added as a result of the latest investment.
Rivian were established in 2009 and have managed to slowly place themselves as Tesla’s potential main rival in the electronic vehicle market.
In November 2018 the company unveiled the designs of 2 of their all-electric vehicles. The first vehicle is a pick-up truck named the R1T and the second is an SUV named the R1S. On a single charge the vehicles are expected to travel around 400+ miles.
The company plans to begin the production of both of the all-electric vehicles towards the end of 2020.
The vehicles will be produced at Rivian’s manufacturing plant in Normal, Illinois, with customer deliveries expected to begin at the end of 2020. Prices will start around $70,000.