Skip to main content

Rivian adds $1.3 billion in funding for its electric utility and adventure vehicles

American automotive technology startup Rivian has raised $1.3 billion in new funding, the company announced today. The new investment is the fourth round of capital announced by the company in 2019 alone, following prior announcements of $700 million led by Amazon, $500 million from Ford (which includes a collaboration on electric vehicle technology) and $350 million from Cox Automotive.

That’s a lot of money, but Rivian’s not your typical startup, since it’s aiming to bring fully electric vehicles to market, including the R1T pickup truck and the R1S sport utility vehicle. Both of those are consumer cars, which the company aims to bring to market starting at the end of next year – and Rivian is also working with Amazon on all-electric delivery vans, of which the commerce giant has ordered 100,000 with a target of starting deliveries of the first of those in 2021.

Rivian’s new monster round includes participation from Amazon and Ford Motor Company, along with funds advised by T. Rowe Price Associates and BlackRock, the company said in a release. It’s not adding any new board seats attached to this funding, and it’s not sharing any further details on the specific funds involved in the investment at this time.

The company, founded in 2009, has R&D facilities in a number of cities globally, and also has a 2.6-million square-foot manufacturing facility in Normal, Illinois. It debuted its pickup and SUV at the LA Auto Show last November, and the the vehicles will launch with higher-end trim levels first, including up to 410 miles of range on a single charge. Base prices for the R1T pickup start at $69,000 before any tax credits are applied, while the R1S SUV starts at $72,500, and Rivian has been taking pre-order reservations available with a $1,000 deposit.

For a company that in many ways has seemed to appear out of nowhere, Rivian’s capitalization and partnerships make it one of the better existing contenders to take on Tesla, especially in the truck and SUV categories, where Tesla has less presence with only the high-end Model X actually available to purchase so far.



from Startups – TechCrunch https://ift.tt/2SlKgua
Labels:

Comments

Post a Comment

Popular posts from this blog

Axeleo Capital raises $51 million fund

Axeleo Capital has raised a $51 million fund (€45 million). Axeleo first started with an accelerator focused on enterprise startups. The firm is now all grown up with an acceleration program and a full-fledged VC fund. The accelerator is now called Axeleo Scale , while the fund is called Axeleo Capital . And it’s important to mention both parts of the business as they work hand in hand. Axeleo picks up around 10 startups per year and help them reach the Series A stage. If they’re doing well over the 12 to 18 months of the program, Axeleo funds those startups using its VC fund. Limited partners behind the company’s first fund include Bpifrance through the French Tech Accélération program, the Auvergne-Rhône-Alpes region, Vinci Energies, Crédit Agricole, BNP Paribas, Caisse d’Épargne Rhône-Alpes as well as various business angels and family offices. The firm is also partnering with Hi Inov, the holding company of the Dentressangle family. Axeleo will take care of the early stage in...
Post a Comment
Read more

TikTok’s rivals in India struggle to cash in on its ban

For years, India has served as the largest open battleground for Silicon Valley and Chinese firms searching for their next billion users. With more than 400 million WhatsApp users , India is already the largest market for the Facebook-owned service. The social juggernaut’s big blue app also reaches more than 300 million users in the country. Google is estimated to reach just as many users in India, with YouTube closely rivaling WhatsApp for the most popular smartphone app in the country. Several major giants from China, like Alibaba and Tencent (which a decade ago shut doors for most foreign firms), also count India as their largest overseas market. At its peak, Alibaba’s UC Web gave Google’s Chrome a run for its money. And then there is TikTok, which also identified India as its biggest market outside of China . Though the aggressive arrival of foreign firms in India helped accelerate the growth of the local ecosystem, their capital and expertise also created a level of competit...
Post a Comment
Read more