Read More About The Most Recent Funding
After previous announcements of $700 million led by Amazon, $500 million from Ford (which incorporates collaboration on electrical car technology), and $350 million from Cox Automotive, the most recent investment represents the company’s fourth round of funding declared in 2019 alone.
Although Rivian is not your typical startup, it has raised a significant amount of money and is working to bring entirely electric vehicles to market, including the R1T pickup truck and the R1S sport utility vehicle.
They are both client vehicles that the business plans to start selling at the conclusion of the upcoming year.
Also, Rivian is collaborating with Amazon on all-electric delivery vehicles; the e-commerce behemoth has purchased 100,000 of them; and the goal is to start shipping the first one in 2021.
Amazon, Ford Motor Company, T. Rowe Price Associates, and BlackRock are all participating in Rivian’s most recent mega round, the business said in a statement.
At this point, it does not provide any additional information on the specific funds engaged in the investment or extra board seats related to this funding.
The Rivian Tale
The 2009-founded company has R&D facilities in many locations around the world and a 2.6 million square foot production facility in Normal, Illinois.
The pickup and SUV were first displayed in November at the LA Auto Show, and they will initially be available in higher-end trim levels with ranges of up to 410 miles within the locality.
Before any tax credits are applied, the base price for the R1T pickup starts at $69,000, while the base price for the R1S SUV is $72,500. Rivian has been collecting pre-order reservations, which are attainable with a $1,000 deposit.
Rivian is one of the most major current Tesla competitors thanks to its capitalization and commercial operations, especially in the truck and SUV sectors. Rivian has a history of seemingly emerging from thin air.
This is true even if Tesla has a smaller market share, with only the top-tier Model X actually been sold to date.
