Rivian Automotive secured $200 million in debt financing from Standard Chartered Bank this week to commence EV production at its plant in Illinois, USA. The latest funding brings total funding in the company to nearly $500 million as it gears up to produce its first EVs in 2020. Rivian plans to roll-out an EV Pick-up truck and SUV from 2020, competing with the likes of local competitors Tesla, Bollinger and Workhorse which all plans to sell electric pick-ups by that time. The A1T (Truck) and A1C will be unveiled at the Los Angeles Auto Show later this year. The price range for the A1T and A1C will range between $50k and $90k.

A year ago I reported on a stealthy EV-startup, Rivian Automotive acquiring a mothballed Mitsibushi assembly plant in Illinois. The past week Rivian Automotive lifted the veil slightly on its plans through a launch of a marketing campaign. Rivian announced that it will come to market by 2020 with two EV models, a seven-seater SUV, and a five-seater pick-up. Appart from looking more than an extreme sports site the automaker’s website does not provide more information other than that the AWD vehicles will be connected and equipped with advanced self-driving, accelerating to 60mph in under 4 seconds and have a wading depth of 3 feet. The site also mentions that the vehicles will have a massive lockable storage capacity and innovative cargo management solutions. Judging from the team of experts available to the company which includes Dodge Viper designer Tom Gale and former McLaren engineer Mark Vinnels the start-up has a fighting chance.

An Illinois-based start-up Rivian Automotive moves into old Mitsubishi plant which it closed with a full loss of employment opportunities to the Normal County in 2015. The newcomer hopes to invest $175 million in developing electric and autonomous vehicles which would create employment opportunities for 1,000 people. Rivian announced that it would unveil its first model later this year and start production in 2019.