Home / Business / Tesla’s rival, Rivian, raises $ 2.5 billion for the manufacture of electric vehicles and SUVs

Tesla’s rival, Rivian, raises $ 2.5 billion for the manufacture of electric vehicles and SUVs



Rivians R1T at the 2019 New York Auto Show.
Enlarge /. Rivians R1T at the 2019 New York Auto Show.

Jonathan Gitlin / Ars

Aspiring electric vehicle maker Rivian has added $ 2.5 billion to its war chest, the company said on Friday.

It is Rivian̵

7;s fifth round of donations in just 18 months. The company raised $ 2.85 billion in four previous rounds of donations between February and December 2019. This will allow Rivian to spend more than $ 5 billion on the production capacity of its upcoming electric vehicles and SUVs.

Rivian plans to build two consumer vehicles, both of which were presented to the public in 2018. There is an electric vehicle called R1T and an SUV called R1S. Both are based on the same battery-powered, fully electric skateboard platform and offer a range of up to 400 miles.

We made Rivians Truck 2019 the star of the New York Auto Show. “You may not have heard of Rivian, but you will,” my colleague Jonathan Gitlin wrote last year.

Rivian has also signed a contract to manufacture 100,000 electric vans for Amazon. This is part of Amazon’s effort to reduce its carbon footprint. Amazon invested in Rivian last year and put more money into the company in the last round.

Rivian is also one of Ford’s investors – though plans to build an SUV for Ford’s Lincoln brand based on Rivian’s technology have been put on hold.

The next few years will be big years for start-ups that manufacture electric trucks. Rivian will present the R1T next year, where it will compete against Tesla’s cyber truck and another truck from electric vehicle start-up Bollinger.

Tesla is expected to release its semi-truck next year. Nikola Motors, a startup that debuted on the stock exchange last month, is slated to launch its own tractor-trailer in 2022.


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