EV Engineering News

Rivian raises $1.3 billion in funding

Rivian, an automaker that revealed its prototype electric pickup and SUV in November 2018, has raised $1.3 billion in a recent funding round led by T. Rowe Price Associates. Amazon and Ford also participated in the funding round.

Designed as all-terrain EVs, Rivian’s launch products, the R1T pickup and R1S SUV, are notable for their “skateboard” chassis, which include electric motors, batteries, controls, and suspension. The vehicles will offer more than 400 miles of range, according to the company.

The recent funding follows a $700-million round led by Amazon in February and a $500-million round led by Ford in April. Amazon also ordered 100,000 electric delivery vans from Rivian in September.

The R1T and R1S will be manufactured at Rivian’s plant in Normal, Illinois. Deliveries are scheduled to begin at the end of 2020.

SEE ALSO: Q&A with Rivian’s VP of Propulsion (Full Interview)

Source: Rivian

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