Electric Vehicle Maker Rivian Receives Another $1.3 Billion In Investments

Date:

Electric vehicle startup company Rivian, based in Plymouth, Michigan, has recently raised another $1.3 billion from T. Rowe Price, which brings its total for 2019 up to more than $2.8 billion in investments. The main contributors are T. Rowe Price, Amazon.com and Ford Motor Co.

This investment demonstrates confidence in our team, products, technology, and strategy, Rivian Chief Executive R.J. Scaringe said in a statement.

Following in the footsteps of Electric Vehicle (EV) maker Tesla, who themselves have raised more than $20 billion over the years, Rivian looks poised to produce quality products. Many companies have struggled in the past to keep up with Tesla’s superior EV design. Rivian’s truck, however, was just named the star attraction at the New York Auto show, by arstechnica.com.

The below video shows Rivian’s “Tank Turn” that allows the vehicle to turn on the spot, a feature unseen so far in road vehicles.

Rivian was founded in 2009 and has plans to build an all-electric pickup truck, the R1T, that will go 0-60mph in just 3 seconds. The expected price tag of the truck starts around $69,000 for the base model, which comes equipped with a 105 kWh battery, with 230 miles (370km) of range. Rivian will also offer a more expensive model with a 180 kWh battery that has a 400 mile (640km) range. American customers will receive a $7,500 tax credit.

The company also has production plans for the R1S SUV and a delivery van for Amazon. In September 2019, Amazon pre-ordered 100,000 vans. Production of the R1T truck and the R1S SUV are to begin in 2020, and the Amazon vans are set to begin production in Norman, Illinois in 2021.

Moving into the SUV market could also be a great move for the company and the environment, as SUVs have been found to be the biggest emitters after the energy industry. 1 in 2 new vehicles in the US are SUVs and the SUV market is increasing globally regardless of the fact that they emit more emissions than other smaller road vehicles.

The vehicles will sit atop a Rivian-designed “skateboard” chassis, which will accommodate the electric motor, battery, and controls that can be used on a variety of body styles.

Rivian's "skateboard" chassis design.
Rivian’s “skateboard” chassis design. Credit: Rivian

In 2019 Rivian was able to secure investments from Amazon of $700 million in February, Ford invested $500 million in April, and Cox Automotive invested $350 million in September.

Ford Motor Co. will use Rivian’s technology to build its version of an all-electric pickup truck. Rivian is hopeful that investor Cox Automotive Inc, who owns Autotrader online and Kelly Blue Book, will help deliver premium customer support and service.

Rivian R1S SUV
Rivian R1S SUV. Credit: Rivian

T. Rowe Price Growth Stock Fund Portfolio Manager, Joe Fath, released a statement: “T. Rowe Price is excited to invest in Rivian as it moves the innovation frontier forward with its compelling sustainable transport solutions for both consumers and businesses.”

Ford spokesman, T.R. Reid also released a statement: “We want to maintain a meaningful value in the ownership and future of that company [Rivian].”

You can watch the Rivian R1T offroading by clicking here.

Dan Edel
Dan Edel
Born in Buffalo, NY, Dan is someone with a passion for travel and the environment. He is always eager to learn about different cultures and how people live.

Share post:

Popular

How to Build a Precise LTL Freight Profile Before You Book a Truck

Rushed freight tenders lead to reweigh fees, missed pickups,...

Tesla Cybercab in Japan: The Specs, the Price, and the Rulebook

Tesla's driverless two-seater made its first public appearance in...

Building a Diesel Truck That Lasts

Across driveways and farm lots, older pickups are getting...

Solid State Battery Standard: The 0.5% Rule Changing Every EV Claim

For years, "solid state battery" has been the most...