• None Rivian has raised more money than any other EV startup that hasn’t gone public.
• None Three of Rivian’s investors told Business Insider why they’re betting on the company to become the next Tesla.
• None They highlighted Rivian’s EV platform, management team, and its contract to provide 100,000 delivery vans to Amazon.
• None Are you a current or former Rivian employee? Do you have an opinion about what it’s like to work there? Contact this reporter at [email protected], on Signal at 646-768-4712, or via his encrypted email address [email protected]
After laying low for nearly a decade, the electric-vehicle startup Rivian made waves in 2018 after showing off its debut vehicles at the LA Auto Show. Since then, the company has raised more money than any EV startup that hasn’t gone public and signed deals with Amazon and Ford to supply them with delivery trucks and an EV platform, respectively.
Whether Rivian can live up to the hype will become clearer next year when the company starts production of its R1S SUV and R1T pickup truck. In the meantime, managers at three of Rivian’s investors – T. Rowe Price, Abdul Latif Jameel, and Soros Fund Management – told Business Insider why they’re betting on the company.
Here’s what they said.
Are you a current or former Rivian employee? Do you have an opinion about what it’s like to work there? Contact this reporter at [email protected], on Signal at 646-768-4712, or via his encrypted email address [email protected]
“They’ve got every detail dialed in.”
An investor in Tesla, T. Rowe Price has been looking for EV companies with similar potential and was impressed by Rivian’s technology and management, said Joe Fath, a portfolio manager at the financial-services firm.
“They’re keeping their head down, and they’re focused on building a real, durable business over time,” he said.
The centerpiece of Rivian’s tech is its EV platform, which includes its motors, suspension, and battery pack. Rivian says that platform will help the R1S and R1T achieve ranges of up to 400 miles or more between charges, up to 750 horsepower, and the ability to accelerate from 0-60 mph in three seconds. But strong performance is only part of the platform’s appeal, Fath said. It’s also at the center of Rivian’s deals with Amazon and Ford, which plans to use the platform in one of its own vehicles.
That two-sided business model, as well as the company’s financial resources and relative maturity, separate Rivian from its startup competitors in the EV industry, Fath said. According to Pitchbook, Rivian has raised $6 billion since it was founded in 2009. That’s more than any other EV startup that hasn’t gone public. Read from source….