Rivian Receives $1.3 Billion New Investment
Enough to scare Tesla?
Rivian is thinking big and continues to invest even as the brand prepares to launch its first vehicle. Last February, the company raised $700 million from several large companies. Ford then invested $500 million in April, followed by Cox Automotive in September with a $350 million deposit.
And we are not just counting investments. Rivian had signed an alliance with Amazon to provide the e-commerce giant 100,000 delivery vehicles. So Rivian seems to be in a good position to consider launching its first vehicle. By the end of 2019, Rowe Price Associates has invested the largest amount in Rivian: $1.3 billion!
Rivian's CEO, RJ Scaringe, says that these massive investments show that the major companies have confidence in the brand's strategy. Rivian's first two vehicles are a pickup, the R1T, and an SUV, the R1S. These vehicles are currently under construction at Rivian's plant in Normal, Illinois. First deliveries are expected to begin in late 2020.
Both vehicles also promise record ranges of up to 400 miles thanks to their high-capacity batteries. Many new electric vehicles are expected as early as next year. But at the moment, it seems that Rivian is Tesla's most credible competitor, given its economic situation, which is very favourable at the moment.
Photo credits Rivian