RIVIAN Automotive received an insane sum in different rounds of funding till date. Let’s get to know everything about Rivian
The Rivian Automotive: Michigan, US based electric pickup truck manufacturer the Rivian Automotive made the announcement about new funding on 23rd December 2019. The company received $1.3 billion in a new funding round led by T. Rowe Price Associates, Inc.
History of different investments made into RIVIAN
December 2019, funding amount: $1.3 billion
September 2019, funding amount: $350 million by Cox Automotive
April 2019, funding amount: $500 million by Ford Motor Company.
February 2019, funding amount: $700 million by Amazon.
Along with above mentioned funding, The Rivian Automotive earlier also received the huge investments from London’s Standard Chartered Bank ($200M), from Sumitomo Corporation of America and Abdul Latif Jameel, a Saudi Arabian Automotive conglomerate.
Strategy behind these investments
Above mentioned all the investments were very strategic and purposeful. In other words, the investmen
Similarly, the Ford Motor Company invested $500 million, but this deal was not limited to one way investment. Ford and Rivian will collaborate to develop an electric vehicle (project details yet not public) by utilizing Rivian’s skateboard electric platform.
Cox Automotive has put $350 million in the Rivian Automo
RIVIAN Automotive History
The company started on April 4, 2009 by Robert Scaringe. He has a doctorate in mechanical engineering degree from MIT. After completion of his studies, he well used his knowledge to bring his high school time obsession to build his own brand into a reality. Initially the company was with the name of ‘Avera Motors‘ but later in March-2011 it is changed to “RIVIAN Automotive“.
‘Avera Motors’ became ‘Rivian Automotive’
In initial days only Avera Motors (Rivian) faced the legal issue from Hyundi. Hyundai claimed that the – an amalgamation of the words “America” sounded too similar to one of its popular sedan- The Azera. So, to avoid any legal works company renamed itself to Rivian Automotive and kept its prime focus on developing a luxury electric SUV/truck.
RIVIAN Automotive R1T and R1S
(Tesla’s Worst Nightmare)
Recently, Tesla unveiled its one of the most secret innovations- Tesla
Tesla will start the delivery in the last quarter of 2021 but here is the real game. Revealed back at the LA Auto Show in late 2018 the Rivian is Tesla’s real nightmare. Check out the technical specification of Rivian electric truck (R1T) and electric SUV (R1S).
RIVIAN Automotive manufacturing facility
The major investment for any Automobile startup goes into building a manufacturing facility from zero. Therefore, to overcome this problem Tesla had purchased a massive production facility from GM/Toyota in Fremont, CA. So, in spite of investing multi-billion dollar in a new factory, Tesla acquired this GM/Toyota manufacturing facility in $16M. On the same pattern, In January-2017 Rivian acquired the manufacturing plant which was formerly owned by Mitsubishi Motors in Normal, Illinois. That deal was finally in $2 million. So, now the Rivian is ready to work on the final stage of their product.
Major players (Startups) in USA building EVs:
Other major startup players in US are like BYTON and LUCID. There is one more player which is based automotive company NEO. NEO is also having strong investment. But for electric truck, company backed up by Amazon and Ford Motor- the is said to be the real rival for the Tesla will start the delivery of electric truck by late last quarter of 2020. So, the performance will be the final parameter to decide the king of the electric truck market in the USA.
Read more news about Tesla Cyberruck and the Elon Musk’s toys-