EV startup Rivian raises $1.3B in latest round of funding

The good news keeps on rolling in for Rivian.

After securing major funding from Amazon and Ford earlier in 2019, the Plymouth, Michigan-based EV startup on Monday announced it had raised a further $ 1.3 billion in its latest round of funding.

The new funding included further investments from Amazon and Ford, as well as from investment management giant BlackRock.

The funding puts Rivian in a good position to start production of its R1T and R1S on time, currently scheduled for late 2020. The mid-size pickup truck and SUV were first shown at the 2018 Los Angeles Auto Show and will be built at a former Mitsubishi plant in Normal, Illinois.

Rivian’s vehicles will be based on the company’s own platform, a skateboard-style design where the batteries lie flat in the floor and electric motors sit at the axles. For the R1T and R1S, Rivian promises battery sizes ranging from 105 to 180 kilowatt-hours, the latter claimed to deliver over 400 miles of range on a single charge. Power will range between 400 and 750 horsepower, with the output dependent on the battery size.

In April, Rivian CEO and founder R.J. Scaringe revealed the company planned to launch six vehicles by 2025, and those are just the vehicles Rivian will sell itself. The company is also open to developing and manufacturing vehicles for other firms. Already confirmed is a vehicle for Ford, possibly for the automaker’s upmarket Lincoln division. Also in the pipeline is a delivery van for Amazon. The online retailer has already ordered 100,000 of the vans, the first of which are due in 2021.

Energy storage solutions is another area Rivian might explore.

In April, Rivian CEO and founder R.J. Scaringe revealed the company planned to launch six vehicles by 2025, and those are just the vehicles Rivian will sell itself.

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