Tesla Motors rival and EV startup Rivian motors have closed in a big investment of $1.3 billion, helped and led by T.Rowe Price Associates, Inc. This is the fourth round of investment in 2019. The previous rounds of fundings include the likes of Amazon with $700 million, Ford with $500 million and a partnership with them to co-develop a Battery Electric vehicle. The vehicle would employ Rivian’s flexible skateboard platform.
Additionally, it has already got an investment of $350 million from the global automotive services company Cox automotive and would also help Rivian in logistics and services. For those of you who aren’t aware of Cox Enterprises, well they house over 30 automotive brands such as Autotrader, Kelley Blue Book, RideKleen, and more.
“This investment complements Cox Automotive’s own commitment to environmental change through our Cox Conserves efforts.” -Sandy Schwartz, President, Cox Automotive.
Talking about Ford and Rivian, they would be developing an Electric vehicle that would get added to the Ford line-up. For now, it has a fully electric vehicle under the brand Mustang and they call it “Mach E”. Ford has cumulatively spent $11 billion for developing the Mach E and a zero-emission version of their best-selling F-150 pickup truck.
Rivian has developed promising-looking concepts, their electric vehicles: the R1T and R1S. A 400+ mile range with the capability of pulling off-road, performance and utility. Rather good competition to Tesla’s latest shock to the world, the Cybertruck. But more conventional than the stealth fighter looking pick-up. And a very fresh competition has also arrived in the form of Neuron EV.
“This investment demonstrates confidence in our team, products, technology, and strategy – we are extremely excited to have the support from such strong shareholders,” said Rivian Founder and CEO RJ Scaringe.
Interestingly, not only did Amazon invest $700 million in Rivian, but they also ordered quite a lot of delivery vans employing Rivian’s skateboard platform design. Amazon has placed orders for 100.000 units and will be fully electric. Rivian plans to deliver these vans by 2021 to Amazon.
Talking a bit about the products, the R1T will be an all-electric pickup truck. The second product from the lineup, the R1S, will be an all-electric SUV. Both these vehicles will employ the use of Rivian’s Skateboard platform. This platform manages to encompass the battery pack, drive units, suspension, braking and thermal system of the vehicle, all below the height of the wheel, hence liberating space for passengers and their stuff.
Interestingly, the R1T will allow for seating of 5 passengers and the R1S would accommodate 7 passengers. Both the vehicles are future-ready vehicles as they are fitted with equipment which makes them ready with Level 3 Autonomous drive feature.
For those of you who aren’t aware of what a Level 3 Autonomous driving system is, well it essentially means you can take your hands off the steering wheel and eyes from the road. This will allow for a different experience altogether that will make your daily drive a lot more convenient and productive.
Other than this, you’ll have a plethora of features to cocoon the passengers of these vehicles. The front passengers will be welcomed by a 15.6” center touchscreen system. The driver will be greeted by a 12.3” digital instrument cluster as well. The rear passengers will have 6.8” rear touch screen units for their entertainment purposes. All these setups will be interconnected via a cloud network, to suit the taste of the passengers accordingly.
On the safety front, Rivian says, both the vehicles will ace the IIHS and NHTSA tests. 8 Airbags will come in as part of the standard equipment, so will an array of advanced active safety features, as well.
The 2021 Rivian R1T pickup truck will have prices starting from $69,000 for the base trim and will go over $1000,00 for the top of the line version. The 2021 R1S is expected to begin from $62,500 and prices will vary, as per the trim motor configuration, chosen.
Also read:
Tesla and Rivian rival Neuron EV showcased in China
