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Rivian to put $2.65b worth of pressure on pickups and SUVs to go electricINTL

Rivian to put $2.65b worth of pressure on pickups and SUVs to go electric

The race to the electric vehicle (EV) industry is a tight one!

Tesla’s nemesis and Amazon-backed startup, Rivian, announced yet another round of funding, bagging a total of $2.65b from a VIP list of investors that includes Fidelity, D1 Capital Partners, Ford, BlackRock, Cox Automotive, and Amazon’s own Climate Pledge Fund, among others (roll out the red carpet?).

The EV firm is on the way to delivering its first two consumer vehicles, which include a pickup and an SUV – something a little bit less conventional than the sedan and roadsters we’ve been seeing plenty of in the market these days. Rivian is also working on EV delivery vans for Amazon.

The EV industry is one of the most exciting ones to be a part of right now, and everyone seems to want a piece of it. Microsoft also announced recently it was investing in General Motors’ autonomous vehicle project Cruise, making the tech giant the preferred cloud provider for both Cruise and GM (it seems like there is a tech ecosystem at play here). They will also collaborate on things such as software and hardware engineering and manufacturing. Investors seem to be in for the ride, too, since GM’s shares surged 9.8% following the announcement.

why it matters
Partnerships between tech and automotive companies are sure to accelerate the commercialization aspect of electric and self-driving vehicles. They also provide an opportunity for both traditionally tech-focused firms (like Amazon and Microsoft) and conventional car-manufacturers (like Ford) to expand and diversify their portfolio of products.