autoevolution
Car video reviews:
 

Rivian Raises $1.3 Billion Investment to Grow Business

Following an investment of $350 million from Cox Automotive in September 2019, the peeps at Rivian have raised another $1.3 billion this month. The latest round of funding was led by T. Rowe Price Associates, joining previous funding from Amazon and the Ford Motor Company.
Rivian R1T 31 photos
Rivian R1SRivian R1TRivian R1TRivian car interiorRivian car interiorRivian R1TRivian R1TRivian R1TRivian R1TRivian R1TRivian R1TRivian R1TRivian R1TRivian R1TRivian R1TRivian R1TRivian R1TRivian R1TRivian R1TRivian R1TRivian R1TRivian R1TRivian R1TRivian R1TRivian R1TRivian R1TRivian R1TRivian R1TRivian R1TRivian R1T
Over the course of 2019, the EV startup from Plymouth has announced no fewer than four investments. All told, the grand total is an eye-watering $2.85 billion that will go into growing the business. That includes research and development for the R1T and R1S, as well as the most modern production robots and tools.

“This investment demonstrates confidence in our team, products, technology, and strategy – we are extremely excited to have the support from such strong shareholders,” said founder R.J. Scaringe. The head honcho also happens to be in his 30s, hence the fresh approach to electric trucks and utility vehicles.

These rounds of funding, however, come with strings attached for Rivian. Ford, for example, will collaborate with the EV startup for “a vehicle project utilizing Rivian’s skateboard platform.” Cox Automotive is interested in logistics and service, and Amazon expects Rivian to deliver an electric delivery van.

Amazon is so intent on the Plymouth-based automaker that it has ordered 100,000 of these vans. Deliveries are scheduled to start in 2021, and not that much is known about the specifications of these workhorses. What we do know, however, is that the R1T is capable of doing a quad-motor tank turn, spinning itself crazy.

Only available as a five-passenger crew cab with four motors, the R1T for the 2021 model year has a lofty starting price. To be more precise, prepare to pony up $69,000 excluding the $7,500 federal tax credit. The specs are pretty interesting even for the base configuration, yet the long-range option is even more appealing thanks to a range of more than 400 miles from a 180-kWh battery pack.

The R1S utility vehicle – which starts at $72,500 in the United States, is pretty much the R1T with two additional seats and a longer roof that encloses what used to be the bed of the pickup truck. Both the R1T and R1S will start production at some point in the second half of 2020 according to Rivian’s latest update.

press release
 
 
 
 
 

Would you like AUTOEVOLUTION to send you notifications?

You will only receive our top stories