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…

American car era startup Rivian has raised $1.three billion in new investment, the corporate introduced lately. The brand new funding is the fourth spherical of capital introduced through the corporate in 2019 on my own, following prior bulletins of $700 million led through Amazon, $500 million from Ford (which incorporates a collaboration on electrical automobile era) and $350 million from Cox Car.

That’s some huge cash, however Rivian’s now not your standard startup, because it’s aiming to convey absolutely electrical cars to marketplace, together with the R1T pickup truck and the R1S recreation software automobile. Either one of the ones are client automobiles, which the corporate targets to convey to marketplace beginning on the finish of subsequent yr — and Rivian could also be operating with Amazon on all-electric supply trucks, of which the trade massive has ordered 100,000, with a goal of beginning deliveries of the primary of the ones in 2021.

Rivian’s new monster spherical comprises participation from Amazon and Ford Motor Corporate, at the side of price range recommended through T. Rowe Worth Mates and BlackRock, the corporate mentioned in a unlock. It’s now not including any new board seats connected to this investment, and it’s now not sharing any more main points at the particular price range concerned within the funding right now.

The corporate, based in 2009, has R&D amenities in quite a few towns globally, and in addition has a 2.6-million-square-foot production facility in Standard, In poor health. It debuted its pickup and SUV on the LA Auto Display closing November, and the cars will release with higher-end trim ranges first, together with as much as 410 miles of vary on a unmarried fee. Base costs for the R1T pickup get started at $69,000 sooner than any tax credit are implemented, whilst the R1S SUV begins at $72,500; Rivian has been taking pre-order reservations, to be had with a $1,000 deposit.

For an organization that during some ways has appeared to seem out of nowhere, Rivian’s capitalization and partnerships make it probably the most higher present contenders to tackle Tesla, particularly within the truck and SUV classes, the place Tesla has much less presence, with simplest the high-end Style X in reality to be had to buy up to now.