EV start-up raises $3.5bn

Author: EIS Release Date: Feb 21, 2020

Ten year-old EV start-up Rivian has become an investors’ darling having raised $3.5 billion – including four investment rounds this year.

 

The latest round, yesterday, was for $1.3 billion.

 

Amazon has invested $700 million in Rivian and Ford has invested $500 million. BlackRock is among the investors.

 

Amazon has given Rivian an order for 100,000 of its pick-up truck due to start production in 2021.

 

 

Rivian is planning to make an SUV next year.

 

Rivian’s USP appears to be its ‘skateboard’ chassis, containing motor, batteries and controls, on which it can build an assortment of vehicles. This is the skateboard:

 

Ford intends to use the skateboard as the chassis for its one of its own EVs – a  Lincoln SUV due out in mid-2022.

 

“This investment demonstrates confidence in our team, products, technology and strategy,” says Rivian CEO R.J. Scaringe.