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Felicia Tan
December 24 10:48

Rivian gets US$1.3 billion to fund electric cars

A US startup Rivian managed to raise US$1.3 billion to finance the development of its technology for cars  
The impressive investment was raised in the fourth round of capital in 2019 on the back of earler news about invests from Amazon (US$700 million), Ford (US$500 million) and Cox Automotive (US$350 million).

Rivian was founded in 2009. Today it has several own centers for making researches in different cities all over world. Its production space in Illinois, Normal, are situated at 2.6 million square feet. During the next years startup plans to secure itself entering the global market with all electric vehicles: R1T pickup truck, R1S SUV and others.

The company glids to introduce all this models to the market by the end of 2020. In addition, Rivian is focusing on developing complete electric vans with Amazon, which has ordered 100,000 models for a delivery in 2021.

The first presentation of the two new models took place in November 2019. Today, the same models are scheduled to be launched, but with improved features, such as the ability to drive up to 410 miles on a single charge. The new pickup truck and SUV will cost US$69,000 and US$72,500 respectively. Buyers can already pre-order their vehicles today, leaving a US$1,000 advance payment.

With such rapid growth rates, Rivian is becoming a direct competitor of Tesla, especially in the production of pickups and SUVs.