Rivian is in the news Tuesday after announcing a new round of funding for the private electric vehicle (EV) company.
Here’s everything to know about the company as it prepares to launch its first vehicle.
- Rivian is a company focused on the creation of EVs and currently has a truck and SUV in the works.
- The truck is the R1T and it features a quad motor with a 300-mile range and 11,000-pound towing capacity.
- It has a starting price of $67,500.
- The SUV is the R1S and it also sports a quad motor with a 300-mile range but its towing capacity is only 7,700 pounds.
- Its starting price is sitting at $70,000.
- Deliveries of the R1T are set to start in June 2021 with shipments of the R1S making their way to customers in August 2021.
- The EVs are made by the company at its manufacturing facility in Normal, Ill.
- Recent news from Rivian includes a round of funding coming to a close.
- This saw the company raising $2.65 billion from a group of investors advised by T. Rowe Price Associates.
- Other investors that took part in the funding include Fidelity Management and Research Company, Amazon’s (NASDAQ:AMZN) Climate Pledge Fund, Coatue, and D1 Capital Partners.
- Rivian notes that this recent funding is the first of 2021.
- It also mentions that this brings its total amount of funding up to $8 billion since 2019.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.