It is clear that the electric vehicle industry is becoming more saturated day by day. In addition to established companies launching their electric and hybrid vehicles, startups are also making their way to the top. In such a move that would skyrocket the market, Rivian — a company that develops electric pickup trucks — has got a whopping funding of $1.3 billion from various sources. The funding round was led by T Rowe Price and he is known in the world of investment banking and as a shareholder of Tesla, a big player in the EV market.
R1T Pickup Truck and the R1T SUV are the two major products that Rivian is known for. These products are its own and offer some of the highest performance sheets ever seen. In fact, the R1T pickup truck is offering a quite competitive set of range and power. Of course, the pickup truck cannot compete with the top-end versions of Tesla Cybertruck, but the base version will be competing with what R1T Pickup truck has on the offering side. The pickup truck from Rivian is supposed to offer a 500 miles range on a single charge while it is 250 miles for the base version of Cybertruck.
“In April, Rivian announced that Ford Motor Company invested $500 million and that the companies would collaborate on a vehicle project utilizing Rivian’s skateboard platform. In September, Cox Automotive announced its $350 million investment in Rivian, complemented by plans to collaborate on logistics and service. In addition to these investments, in late September, Rivian announced it was collaborating with Amazon on the development of an electric delivery van utilizing Rivian’s platform technology and that 100,000 of these vans had been ordered with deliveries starting in 2021,” said Rivian on the official blog post that was published recently, talking about the funding it has received until now.
