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Rivian gets 1.3 Billion Investment


mackinaw

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From today's Detroit News:

 

"Plymouth-based electric-vehicle startup Rivian Automotive will close out 2019 with a $1.3 billion influx of cash, the company announced Monday.

A Baltimore-based investment firm, T. Rowe Price, Inc., led the most recent investment round for Rivian........."

 

https://www.detroitnews.com/story/business/autos/2019/12/23/plymouth-based-ev-startup-rivian-closes-2019-with-1-3-billion-investment/2733419001/ 

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In addition to T.Rowe Price, Amazon, Ford and Blackrock also were a part of this latest capital infusion. Wonder how much more Ford put in. So far, the announcement isn't saying.

 

From a wire story:

"The last round of fundraising was led by T. Rowe Price. Amazon, Ford and Blackrock also participated."

Edited by Gurgeh
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On 12/23/2019 at 10:54 AM, mackinaw said:

From today's Detroit News:

 

"Plymouth-based electric-vehicle startup Rivian Automotive will close out 2019 with a $1.3 billion influx of cash, the company announced Monday.

A Baltimore-based investment firm, T. Rowe Price, Inc., led the most recent investment round for Rivian........."

 

https://www.detroitnews.com/story/business/autos/2019/12/23/plymouth-based-ev-startup-rivian-closes-2019-with-1-3-billion-investment/2733419001/ 

Volvo did a study and found out that the #1 reason that consumers (58%) are avoiding purchasing a BEV is range anxiety. 61% said that they would be more inclined to purchase a BEV if there were more charging stations. More than half (57 percent) of consumers said that they would be more likely to purchase an EV if it were the same price as a traditional vehicle.  

https://www.thedrive.com/news/26637/americans-cite-range-anxiety-cost-as-largest-barriers-for-new-ev-purchases-study

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On 12/23/2019 at 8:20 PM, sullynd said:

Any idea who they intend to get batteries from?

 

Last year, it was reported Rivian uses LG Chem 21700 cells in its battery packs. The packs themselves, along with thermal management systems, are Rivian's own design.

 

Rivian claims that it achieved the highest energy density to date with its battery packs. Here's a good article that explains the engineering involved. https://chargedevs.com/newswire/rivian-says-its-battery-pack-has-the-highest-volumetric-energy-density-in-the-world-thanks-to-its-cooling-strategy/

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On 1/6/2020 at 12:38 PM, 630land said:

Glad to see the former IL Mitsubishi plant, aka "DSM", being reused. After all the fanfare when it opened in 1988, I'd have hated to see it wasted.

 

Rivian must have received a lot of incentives to buy the DSM/Mitsubishi Motors North America plant. Illinois' poor business climate and weak economy drags down whatever other advantages that facility has to offer.

Edited by rperez817
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5 hours ago, rperez817 said:

 

Rivian must have received a lot of incentives to buy the DSM/Mitsubishi Motors North America plant. Illinois' poor business climate and weak economy drags down whatever other advantages that facility has to offer.

 

Totally agree with you on this. IMO you would be a fool to open a new business here, with how hostile business environment is. 

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18 hours ago, rperez817 said:

 

Rivian must have received a lot of incentives to buy the DSM/Mitsubishi Motors North America plant. Illinois' poor business climate and weak economy drags down whatever other advantages that facility has to offer.

 

13 hours ago, tbone said:

 

Totally agree with you on this. IMO you would be a fool to open a new business here, with how hostile business environment is. 

 

According to the U.S. Census Bureau, from 2010 to 2019 Illinois had the second highest negative net domestic migration of any U.S. state (second only to Alaska, which is a small state with special circumstances). Illinois' net negative migration to other states was 865,873 or a loss of 6.75% of its population. The only other two states losing nearly as high a percentage of their population from people fleeing to other states were New Jersey and New York. California was an interesting case. They lost even more in absolute numbers (though from a higher population base) but more than made up from the loss by gaining over a million new inhabitants through immigration, many of them (possibly even most of them) legal.

Edited by Gurgeh
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The town of Normal, Illinois, where the Rivian plant is located, was recognized nearly a decade ago for its commitment to promote EVs and build EV charging infrastructure. Also Normal's Mayor Chris Koos drives an EV. Maybe that impacted Rivian's decision to choose Normal for its assembly plant.

 

 

 

Edited by rperez817
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