Rivian

Rivian
Industry Automotive
Founded 2009
Founder RJ Scaringe
Headquarters Plymouth, Michigan
Number of locations
 Plymouth, Michigan; San Jose, California; Irvine, California; Normal, Illinois
Key people
 RJ Scaringe (CEO), Jiten Behl (Chief Strategy Officer), Mark Vinnels (Executive Director of Engineering), Ryan Green (Chief Financial Officer)
Number of employees
 410
Website www.rivian.com

Rivian is an automotive technology company with research and development operations in Plymouth, Michigan, San Jose, California and Irvine, California.[1] The firm also has a factory in Normal, Illinois.

Company

Founded in 2009, Rivian is an automotive technology company developing products and services related to sustainable transportation. The company was founded as Mainstream Motors but changed its name to Avera Automotive before finally settling on Rivian in 2011. The company's founder and CEO is Robert 'RJ' Scaringe (born January 19, 1983) is a graduate of the Rensselaer Polytechnic Institute and Massachusetts Institute of Technology's Sloan Automotive Laboratory.[1][2] Scaringe was named a "Champion of Change" by the Obama administration, an award that recognizes rising business and civic leaders.[3]

In 2015, the company moved its headquarters from Florida to Livonia, Michigan to be closer to key suppliers.[4] As of the of June 2018, Rivian employs 410 people across their facilities in Plymouth, San Jose, Irvine and Normal.[5]

The company has raised upwards of $450 million through several funding rounds. Some of Rivian's investors include Sumitomo Corporation of America[6], Abdul Latif Jameel, and a loan from London's Standard Chartered Bank.[7] Of Rivian's funding, $200 million comes from a debt agreement with London's Standard Chartered Bank.

Cars

In 2011, Scaringe said the company had plans to release a car with cost in the mid-US$20,000 range and gas mileage of up to 60 miles per gallon.[8] Rivian planned to release its first production car in 2013, with other models following in 2014.[9] These cars were never released. The company subsequently shifted its focus to autonomous electric vehicles. It plans to start production in the fourth quarter of 2019.[1]

In December 2017, Rivian announced their intentions to build both a SUV and pick-up truck on the same platform. The truck would launch first, followed by the seven-passenger SUV.[6]

In May 2018, Rivian stated that they planned to name their upcoming truck and SUV the A1T and A1C respectively.[10] The A1T will be able to sprint from 0-60 in 2.8 seconds, wade through 3.6 feet of water and climb a 45-percent incline. Both vehicles will be unveiled at the LA Auto Show in November, 2018. The base trim will include a range of 200 miles and the top trim will have upwards of 400 miles.[11]

Facilities

Rivian acquired a manufacturing plant near Normal, Illinois in the former Mitsubishi Motors plant in January 2017.[12][13] As of 2017, the company planned for this plant to be the primary North American location for its manufacturing. The plant has a floor area of 2.4 million square feet. The company received a $1 million grant and a five-year tax abatement from Normal contingent on meeting employment targets and investing $40.5 million over five years.[1] Rivian also received $49.5 million in tax credits from the state government; these credits are also contingent upon meeting employment targets and investing at least $175 million into the site by 2024.[14][2] Ahead of production, Rivian currently employs more than 50 people at the Normal facility.[5]

Rivian acquired the Mitsubishi plant and its contents for $16 million. The company says the plant is in excellent condition and has a functioning paint shop, robotics, stamping machines, and other production equipment. Rivian's strategy in acquiring the plant has been likened to Tesla's acquisition of the NUMMI plant in California.[14][2]

References

  1. 1 2 3 4 Bundle, Matt (5 August 2017). "Rivian quietly brings former Mitsubishi plant back to life". PJ Journal Star. Retrieved 28 November 2017.
  2. 1 2 3 Prenzler, Christian (6 January 2017). "Mysterious electric vehicle startup, Rivian Automotive closes deal on massive manufacturing facility in Illinois". Teslarati. Retrieved 1 December 2017.
  3. ↑ Reed, Robert (15 December 2016). "Who is the mysterious auto startup that wants to bring jobs back to a shuttered Mitsubishi plant in Normal?". Chicago Tribune. Retrieved 1 December 2017.
  4. ↑ Prenzler, Christian (9 August 2017). "Diving into EV-Startup Rivian's complex history and their clear vision forward". Chicago Tribune. Retrieved 1 December 2017.
  5. 1 2 Prenzler, Christian (29 June 2018). "Editorial: The Perfect Storm is Creating a Promising Future for Rivian". AdaptBN. AdaptLocal Media, LLC. Retrieved 20 August 2018. (Subscription required (help)).
  6. 1 2 Prenzler, Christian (12 December 2017). "Rivian Reveals Strategic Investor and First Vehicles". AdaptBN. Retrieved 2018-08-21.
  7. ↑ Prenzler, Christian (23 May 2018). "Rivian Announces "Half a Billion" in Funding, Including $200M in Debt from London-based Bank". AdaptBN. Retrieved 2018-08-21.
  8. ↑ "End Of Shuttle Program Leaves Thousands Jobless". NPR. 11 July 2011. Archived from the original on 13 July 2011. Retrieved 13 July 2011.
  9. ↑ "Avera Motors of Rockledge becomes Rivian Automotive". Florida Today. 10 March 2011. Archived from the original on 17 March 2011. Retrieved 17 March 2011.
  10. ↑ "Inside the automotive startup taking EVs off-road". Engadget. Retrieved 2018-08-21.
  11. ↑ "This startup is building self-driving trucks and SUVs for futuristic off-road adventures". The Verge. Retrieved 2018-08-21.
  12. ↑ https://www.reuters.com/article/us-autos-rivian-mitsubishimotors-idUSKBN13Y1SZ
  13. ↑ Lambert, Fred (9 January 2017). "An electric vehicle startup comes out of stealth mode and buys shuttered Mitsubishi plant in Illinois". Electrek. Retrieved 9 January 2017.
  14. 1 2 Ayre, James (25 March 2017). "Rivian Automotive (Stealth EV Startup) Granted $49.5 Million In Tax Credits From Illinois, Governor Announces". Clean Technica. Retrieved 1 December 2017.
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