Mexican Media Brands
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.
#hybrid
Share
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.
RELATED CONTENT
-
Internal Combustion Engines’ Continued Domination (?)
According to a new research study by Deutsche Bank, “PCOT III: Revisiting the Outlook for Powertrain Technology” (that’s “Pricing the Car of Tomorrow”), to twist a phrase from Mark Twain, it seems that the reports of the internal combustion engine’s eminent death are greatly exaggerated.
-
On Military Trucks, Euro Car Sales, Mazda Drops and More
Did you know Mack is making military dump trucks from commercial vehicles or that Ford tied with Daimler in Euro vehicle sales or the Mazda6 is soon to be a thing of the past or Alexa can be more readily integrated or about Honda’s new EV strategy? All that and more are found here.
-
Startup Readies Solar-Powered EV
Germany’s Sono Motors GmbH says it has received 5,000 orders for its upcoming Sion electric car, which can be partially recharged by it attached solar panels.