Rivian Automotive Closes Financing Round of $200 Million
【Summary】Rivian Automotive, an automotive technology company developing electric SUVs and pickup trucks has secured $200 million of debt financing from Standard Chartered Bank. The company plans to launch a fully electric five-passenger pick-up in 2020 called the A1T, followed by a seven-passenger SUV the A1C, targeting active and family-oriented lifestyles.
Rivian Automotive, an automotive technology company developing electric SUVs and pickup trucks has secured $200 million of debt financing from Standard Chartered Bank, adding to the financing Rivian has already secured from other investors, including Sumitomo Corporation of Americas (SCOA).
RJ Scaringe, Founder and Chief Executive Officer of Rivian, stated, "This latest financing is an important milestone for Rivian. Our launch vehicles have completed substantial development and are undergoing rigorous testing. The additional capital will enable us to ramp up towards production and bring our innovative products to the market in 2020."
Rivian has not released any photos or other details abouts its vehicles, but it appears they are some type of electric SUV outdoor recreation adventure vehicle. The company plans to launch a fully electric five-passenger pick-up in 2020 called the A1T, followed by a seven-passenger SUV the A1C, targeting active and family-oriented lifestyles.
On the company's website its says its working on electric vehicles "that get you to the mountain and back on a single charge, safely cross streams with your whole family, carry enough gear for any trip, and let you enjoy the wilderness in silence." The base model will have an 80 kWh battery pack capable of more than 200 miles of range.
The company has been operating mostly in stealth mode. Rivian is joining other electric vehicle startups looking to launch a new vehicle, including SF Motors, Lucid Motors, and Fisker.
Rivian and SF Motors both might have a head start on their competitors, both startups now own former automotive assembly plants. Tesla also bought a former General Motors assembly plant where it builds its electric vehicles in Fremont, California.
Rivian's VP of manufacturing Matt Tall, once managed AM General's automotive assembly plant in Indiana that was responsible for building the Mercedes Benz R-Class. That plant was purchased last year by electric vehicle startup SF Motors.
In 2017, Rivian completed the purchase of the former 2.4-million square foot Mitsubishi factory in Normal, Illinois. The closed factory was co-developed by Mitsubishi and Chrysler in 1998 and includes manufacturing and office space, stamping machines, injection molding equipment, robots, CNC machine tools, cranes and other manufacturing equipment. The 500-acre property also includes testing areas and a test track.
Rivian said it would invest more than $40 million into the plant by 2022.
The company has assembled a team of industry veterans including Mark Vinnels, Rivian's Executive Director of Engineering and Programs.
Vinnels was previously the Executive Program Director at McLaren from 2004 through 2017 and was responsible for all McLaren's road cars beginning with the MP4-12C and extending through the 720S. Before McLaren, Mark was the Head of Vehicle Programs at Group Lotus where he led the product development of all Lotus cars.
According to the company's website, Rivian vehicles will incorporate the company's cloud-based digital architecture, self-driving platform and advanced, skateboard battery system. The company employs around 350 people and has vehicle design and engineering operations in Plymouth, Michigan, technology and engineering operations in Silicon Valley and Irvine, California and manufacturing facilities in Normal, Illinois.
Rivian Automotive is planning to debut its electric truck at the Los Angeles Auto Show later this year.
Originally hailing from New Jersey, Eric is a automotive & technology reporter covering the high-tech industry here in Silicon Valley. He has over 15 years of automotive experience and a bachelors degree in computer science. These skills, combined with technical writing and news reporting, allows him to fully understand and identify new and innovative technologies in the auto industry and beyond. He has worked at Uber on self-driving cars and as a technical writer, helping people to understand and work with technology.
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