T. Rowe Price Invests A Round of $2.5 billion Investment in  EV startup Rivian Competing with Tesla and Nikola

 

Rivian designs emissions-free Electric Adventure Vehicles. The RIT truck goes up to 400+ miles and starts at $69,000.The R1S SUV goes up to 400 + miles and starts at $72,000. Vehicles will be sold directly to consumers bypassing traditional franchise dealers.

Cox Automotive, Amazon, and Ford raised 2.8 billion-dollars 2019 along with T.Rowe Price. The all electric pickup EV segment is super-hot right now.  Customers are looking for  ways to avoid the gas station and run more cost- saving and efficient vehicles for their business. Rivian will be using a former Mitsubishi plant in Normal Illinois where it will produce line of electric vehicle vans that Amazon has already placed an order for last year for a fleet  of 100,000 vans.

“We’re inspired by Rivian’s vision for the future of electric transportation,” said Jeff Wilke, Amazon CEO Worldwide Consumer. “RJ has built an impressive organization, with a product portfolio and technology to match. We’re thrilled to invest in such an innovative company.” Source Rivian.com

  • Rivian announced a $700 million funding round led by Amazon in February,2019.
  • Rivian announced that Ford Motor Company invested $500 million and that the companies would collaborate on a future program.
  • Rivian raised $1.3 billion in December 2019 and its most recent funding.

On Sept. 10, 2019 – Rivian today announced an equity investment of $350 million from global automotive services company Cox Automotive. In addition to the investment, the companies will explore partnership opportunities in service operations, logistics, and digital retailing.   Source: Rivian

CEO and founder Robert “R.J.” Scaringe RJ Scaringe founded Rivian in 2009 and led the company through a tough economic climate to secure substantial financing, scale and establish the company’s product and technology platform. Scaringe is experienced in analyzing highly complex systems, combining deep analytical capabilities with a system-based development methodology. Scaringe earned his MS and PhD in Mechanical Engineering from the Massachusetts Institute of Technology where he was a member of the research team in the Sloan Automotive Laboratory. Source Rivian.com

Rivian will compete with Tesla and Nikola

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