GM and Amazon look to invest in EV start-up Rivian
Reports say Amazon and GM’s potential investment could value fledgling Rivian at over £1bn
Sources close to the matter have told Reuters and Bloomberg that the two global giants are in talks to agree a joint investment. The projected figures would value Rivian at between $1bn and $2bn (£770m to £1.5bn).
The deal, which would depend on successful negotiations and may still fall through, would still see GM and Amazon listed as minority shareholders in Rivian. The EV brand is aiming to bring the first electric pick-up to market, and only went public last year despite having developed and produced electric platforms since 2009.
Rivian R1S SUV and R1T pick-up aim to shake-up the 4×4 market
Rivian is hoping to have the kind of impact Tesla has made in shaking up the established automotive set and believes it has found a niche with the creation of go-anywhere electric vehicles.
The R1T and R1S, the first and second in a series of models eventually planned, are built on a bespoke electric ‘skateboard’ chassis, that’s modular and can be used on all different types and sizes of vehicles. The initial pair are closely related, the chief difference being a slightly shorter wheelbase in the R1S. The R1S is 5040mm long, making it Range Rover-sized, while the 5465mm-long R1-T is marginally longer than the Mercedes-Benz X-Class.
In both cars the lithium-ion battery pack is mounted in the floor, and in the in the R1T is good for a 230-mile range in its standard 105kWh capacity, 300-mile range in a 130kWh capacity, or up to 400 miles with the 180kWh ‘mega pack’. In the R1S, the same battery packs are offered with figures of 240, 310 and 420 miles respectively.
The two models share their drivetrains, too. Four electric motors, one for each wheel, give the electric models four-wheel drive. Each motor produces 197bhp (total combined figures through the gearbox are 754bhp and 826lb ft in the 135kWh version), which allows for prodigious performance. It’s claimed both vehicles can crack 0-60mph in just 3.0sec, and 0-100mph in less than 7.0sec in the 135kWh versions.
Double wishbone front and multi-link rear suspension features, alongside air springs and adaptive dampers. Rivian claims the electric drivetrain and chassis set-up allows for both impressive on-road performance and handling and precise off-road control that surpasses any existing mechanical solutions off the asphalt. Its flat floor is also reinforced with carbonfibre and Kevlar to protect the battery pack, while both models get five-star crash test safety ratings in the US.
A distinctive front-end exterior design appears on both cars, while the spacious interiors get premium but durable materials that are easy to clean, in keeping with the cars’ off-road lifestyle brief. Two screens feature inside, that run Rivian’s own software and graphics.
There are packs of novel hidden features and clever solutions in both models, including a 330-litre front storage under the nose, and in the truck a full width storage hole that runs between the rear doors and rear wheels that’s good for housing golf clubs.
Rivian, first formed in 2009, is looking to do things differently to other start-ups by having its entire business plan and funding in place before going public with its intentions, and even then keeping targets conservative.
Company founder and CEO, RJ Scaringe, has already gone through two stillborn versions of the R1T to get to this third, production-ready version.
The US-based company is backed by investors from the Middle East, and employs some 560 people worldwide. It’s design and engineering centre is based in Plymouth, Michigan and other key sites include a battery development facility in Irvine, California. It has opened an advanced engineering centre in Chertsey, Surrey, too.
Manufacturing will take place at an old Mitsubishi plant in Illinois, which Rivian purchased for $16 million (£12.5m) last year. This has a capacity of up to 350,000 units per year.
Rivian’s initial ambitions are much lower than that initially, with plans to be selling some 50-60,000 of its premium electric off-roaders by 2025/26. It does however plan to offer its electric skateboard chassis to other companies, either car makers or indeed any brand looking to launch an electric car, so long as their products do not compete with Rivian’s own. The R1T will go into production in late 2020 with the R1S in early 2021, the former prices from around $70,000 (£55,000). Right-hand drive production for the UK will follow around a year later.
The R1T will go into production in late 2020, with the R1S following in early 2021. Prices for the former will start from $61,500 after federal tax rebates (£48,000), with Rivian accepting refundable $1000 pre-order deposits now. Right-hand drive production for the UK will follow around a year later.
Source: Autocar Online