Rivian Rivals Tesla in Making the First All-Electric Pickup | Financial Buzz

Rivian Rivals Tesla in Making the First All-Electric Pickup

Rivian, newfound American automaker and automotive technology company is on the quest to make the first all-electric pickup on the market. Founder Robet “R.J.” Scaringe has managed to raise USD2.5 Billion in financing for the vehicle.

Companies such as Nikola, Tesla, General Motors and Ford Motor have often had the upper-hand in gaining media attention. However, Rivian is anticipated to be one of the first to pull through in creating an all-electric pickup by next year.

“We’re focused on making sure that we deliver,” Scaringe told CNBC Friday before revealing its newest round of funding. “We really value active humility and letting our actions speak louder than our words.”

The round was the first of the year for the company, led by T Rowe Price Associates. Furthermore, the other members included Fund Management LLC, Coatue, Fidelity Management and Research Company, and Baron Capital Group. According to the company current shareholders Amazon and BlackRock also took part.

Competitor Tesla is known worldwide and though Rivian has not achieved that status as of yet, the company has slowly worked its way up. Scaringe, who founded the company in 2009, has spent the last decade running the private company to become the next auto startup since Tesla to manufacture all-electric vehicles.

Scaringe revealed that the company does not intend on going public anytime soon but welcomed any funding to aid its “aggressive growth plans.”

“We’re in a position where we’re well-capitalized to launch the products but we are rapidly expanding and growing and accelerating some of our future products,” he said. “We’re seeing demand being significantly higher than what we initially anticipated, which is leading us to be capacitive for higher levels of volume.”

Overall the company has raised USD6 Billion in funding.