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Michigan EV Startup Raises $200 Million
Rivian Automotive LLC, a Plymouth, Mich.-based electric vehicle startup, says it has secured $200 million of debt financing from U.K.-based Standard Chartered Bank.
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Rivian Automotive LLC, a Plymouth, Mich.-based electric vehicle startup, says it has secured $200 million of debt financing from U.K.-based Standard Chartered Bank.
The secretive company will use the new funds to continue developing, testing and production of a line of electric vehicles it plans to launch in 2020. The vehicles will be built at the former Mitsubishi Motors Corp. manufacturing plant in Normal, Ill., which Rivian purchased in early 2017.
Rivian’s first EV will be a five-seat pickup truck, which will be followed by a seven-seat SUV. The company describes the base platform as a premium architecture that combines utility, performance and efficiency.
The vehicles will use Rivian's battery system and cloud-based digital architecture. Rivian says it also is developing autonomous driving technologies and shared mobility services.
Formed in 2009 as Avera Motors, Rivian now has 350 employees. This includes engineering facilities in Michigan and California.
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