Consumer Electronics Show (CES)
Just weeks before the Consumer Electronics Show (CES), the electric truck maker, Rivian, has closed an investment round of $1.3 billion with the participation of Amazon, Ford Motor Company, and funds managed by BlackRock.
“This investment demonstrates confidence in our team, products, technology, and strategy – we are extremely excited to have the support from such strong shareholders,” said Rivian Founder and CEO RJ Scaringe.
The investment announcement is Rivian’s fourth of 2019. In February, Rivian announced a $700 million funding round led by Amazon. In April, Rivian announced that Ford Motor Company invested $500 million and that the companies would collaborate on a vehicle project utilizing Rivian’s skateboard platform. In September, Cox Automotive announced its $350 million investment in Rivian, complemented by plans to work on logistics and service. In addition to these investments, in late September, Rivian announced it was collaborating with Amazon on the development of an electric delivery van utilizing Rivian’s platform technology. Amazon has said it will take possession of 100,000 of those vans starting in 2021.
The company’s launch products, the R1T and R1S, deliver up to 400+ miles of range and provide an unmatched combination of performance, off-road capability, and functional utility. These vehicles use the company’s flexible skateboard platform and will be produced at Rivian’s manufacturing plant in Normal, Ill., with customer deliveries expected to begin at the end of 2020.
Rivian has development centers in Plymouth, Michigan, San Jose, California, Irvine, California, Vancouver, Canada, and Surrey, England, along with a 2.6-million-square-foot manufacturing plant in Normal, Illinois.
Rivian says it will launch its products in the US in late 2020, with a global introduction starting in 2021. Rivian is now accepting preorders on its R1T and R1S.