Rivian announced it has closed its loan agreement with the U.S. Department of Energy’s (DOE) Loan Programs Office (LPO) for up to $6.6 billion (including $6 billion of principal and approximately $600 million of capitalized interest) in financial support for the construction of its next manufacturing facility in Stanton Springs North, near the City of […]
SCRS Announces OEM Summit Session Featuring Rivian at SEMA
The Society of Collision Repair Specialists (SCRS) announced it will welcome Rivian Research, Engineering, Service and Collision teams to the OEM Collision Repair Technology Summit stage to present on the process an automaker undertakes to research, develop, validate and publish new repair procedures. OEM Summit Session I: Value of OEM repair information will be the […]
Rivian and Volkswagen Group Announce Joint Venture
Volkswagen Group to invest up to $5 billion in Rivian. New venture to create software-defined vehicle (SDV) platforms for both companies’ future EVs. Rivian Automotive (NASDAQ: RIVN) and Volkswagen Group (XETRA: VOW / VWO3) announced their intention to form an equally controlled and owned joint venture (JV) to create next-generation electrical architecture and software technology. […]
EV Manufacturer Rivian to Cut Salaried Workforce 10% in Response to Projection of Flat Production in 2024
Rivian Automotive, Inc. (NASDAQ: RIVN) announced as part of its fourth quarter and year end 2023 financial results, that it would reduce its salaried workforce by approximately 10% due to slower growth expectations for 2024. The company reported it produced 57,232 vehicles and delivered 50,122 during 2023, more than doubling production and deliveries from 2022, […]
Rivian and Tesla Support ASA, Auto Alliance and SCRS Right to Repair Data Sharing Agreement
In separate letters to the leadership of the Automotive Service Association (ASA), the Alliance for Automotive Innovation and the Society of Collision Repair Specialists (SCRS), electric vehicle (EV) manufacturers Rivian and Tesla announced they support the agreement reached on sharing automotive data that was announced in July. The two EV manufacturers are not members of […]
Mitchell Announces Data Licensing Agreement with Rivian
Mitchell, an Enlyte company, today announced that it is the first collision industry information provider to sign a data licensing agreement with electric vehicle (EV) manufacturer Rivian. This will allow auto insurers and collision repairers using Mitchell Cloud Estimating and Mitchell Cloud Estimating TruckMax to write damage appraisals and access repair procedures for the OEM’s […]
Mercedes-Benz Vans and Rivian Partner on Electric Van Production
Mercedes-Benz Vans and electric vehicle manufacturer Rivian today announced the signing of a Memorandum of Understanding to initiate a strategic partnership to cooperate on the production of electric vans. Subject to the parties entering into final binding agreements and to obtaining the relevant regulatory clearances, the companies intend to establish a new joint venture manufacturing […]
Electric Vehicle Manufacturer Rivian Announces Pricing of Upsized Initial Public Offering
Company will raise $11.9 billion to fund expansion. Rivian Automotive, Inc. announced the pricing of its upsized initial public offering of 153,000,000 shares of Class A common stock at a public offering price of $78.00 per share, valuing the company at over $77 billion In addition, Rivian has granted the underwriters a 30-day option to […]
Ford and Rivian Announces $500 Million Investment, Partnership to Deliver All-New Battery Electric Vehicle
Rivian today announced an equity investment of $500 million from Ford Motor Company. In addition to the investment, the companies have agreed to work together to develop an all-new, next-generation battery electric vehicle for Ford’s growing EV portfolio using Rivian’s skateboard platform. “This strategic partnership marks another key milestone in our drive to accelerate the […]