in ,

TESLA RIVAL RIVIAN LOCKS IN $1.3 BILLION INVESTMENT

The Michigan-Based Electric Truck Maker Continues To Impress Big Investors

Rivian

The Tesla Cybertruck and its cult of personality may be sucking up all the hype in the room, but that doesn’t mean that there isn’t somebody else out there with a more thought-out idea on how to build an electric pickup truck. Look no further than Rivian Automotive, which has steadily and smoothly made waves in the industry since the debut of the R1T electric pickup truck and R1S electric SUV. The Michigan-based automaker made big waves earlier this year from a $500 million round of funding coming from Ford Motor Company, $350 million from Cox Automotive, and $700 million from Amazon. But today, Rivian has closed an investment round of $1.3 billion.

The financing was led by funds and accounts advised by T. Rowe Price Associates, Inc., while Amazon, Ford Motor Company and funds managed by BlackRock also participated in the round.

It was previously announced that Ford will utilize Rivian’s technology and platforms for upcoming vehicles, while Amazon wants the startup vehicle manufacturer to build 100,000 electric delivery vans.

The Rivian R1T and and Rivian R1S are each expected to deliver over 400 miles miles of range while delivering sportscar levels of acceleration and go-anywhere levels of utility.

The Rivian R1T and R1S represent sensible takes an electric pickup truck and an electric SUV, while these massive rounds of investments further validate the viability of the company and its products. We here at MC&T don’t expect these vehicle, which will run north of $70,000, to directly compete with the likes of the top-selling Chevrolet Silverado, Ford F-150 or Ram 1500 trucks. Instead, we expect these vehicles to attract a different kind of buyer to the truck segment, which we can best envision to be the well-off Silicon Valley tech bro who goes hiking and camping 50-100 miles away from their home on weekends.

Rivian will produce its vehicles in Normal, Illinois in late 2020, effectively beating the Tesla Cybertruck to market.

Written by Manoli Katakis

Muscle Cars & Trucks was founded by Manoli Katakis - an automotive media veteran that has been covering the latest car news since 2009. His journalism has uncovered dozens of major product changes, updates, plans, and cancellations long before automakers were ready to make things official.

Some highlights over the years of his reporting include the uncovering of the Zora trademark before anybody else reported on the coming of a mid-engine Corvette, as well as the dead-accurate reporting of the coming of the Chevrolet Colorado ZR2, two years before it hit the market, and even before the debut of the concept vehicle. This type of reporting has immediately continued here, with reports of the original seventh-generation Camaro plans being shelved, as well as what's in store for the Chevrolet Silverado.

Some of his work can be found on massive automotive media outlets, such as Motor1. He also has been a guest on the 910AM Radio Station with Detroit News auto critic Henry Payne, as well as the enthusiast-oriented Camaro Show podcast.

Over the years, Manoli has interviewed various automotive industry titans, leaders, and people that make things happen otherwise. These include figureheads such as GM CEO Mary Barra, GM President Mark Reuss, automotive aftermarket icon Ken Lingenfelter, Dodge firebrand Tim Kuniskis, along with various chief engineers of vehicles such as the Ford F-150 & Mustang, Chevrolet Camaro & Corvette, and many more.

At MC&T, Manoli is taking his journalism expertise, deeply planted sources, driving abilities, and automotive industry knowledge to new levels, covering more vehicles and brands than ever before. This is the place where you will continue to read groundbreaking stories about American performance vehicles, pickup trucks, and sport utility vehicles. Here is where you’ll also read insights and quotes from various automotive subject matter experts on the latest relevant products, as well as some of the latest official news from their manufacturers.

Fun facts: he also once beat Corvette Racing driver Tommy Milner in an autocross with a Chevrolet Bolt EV. The biggest vehicle he’s ever driven is a John Deere mining truck. Besides a go-kart, the smallest vehicle he’s driven has been a Hyundai i10. He’s also spent time in the cockpit of various American performance vehicle icons, including the fifth-generation Chevrolet Camaro Z/28, Dodge Challenger Demon, and Ford Mustang GT350R. He has reviewed dozens of trucks, SUVs, and performance vehicles over the years.

One of his favorite new vehicles on the market today happens to be the Chevrolet Colorado ZR2 Bison. He is also a card carrying member of the Sports Car Club of America, and regularly participates in Detroit Region autocross events.

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

      Dodge Challenger 1320 Edition

      2019 DODGE CHALLENGER 1320 EDITION PROVES TO BE EXTREMELY RARE

      Chevrolet Tahoe ZR2

      CHEVROLET SILVERADO, GMC SIERRA COULD GET INDEPENDENT REAR SUSPENSION: REPORT