Morrison International Group | Rivian the maker of electric cars

RJ Scaringe set up the company in 2009 which eventually became Rivian after completing a doctorate in mechanical engineering from MIT's Sloan Automotive Lab.

According to Forbes, he has a net worth of $3.4billion - and, partly due to his youth and disruptive spirit, he has attracted comparisons with Tesla boss Elon Musk.

The 38-year-old Californian father of three is a radical thinker and keen outdoorsman. With vegan principles, he plans to restore an old farm across from Rivian's assembly plant in Normal, Illinois, to provide fresh food for his employees.

Ditching its first design to create a fuel-efficient sports car, Rivian now intends to do for the truck and SUV market what Tesla did for luxury cars. It wants to create vehicles that can go off road and are powerful enough to do hard graft and tough terrain using advanced battery systems.

It has also designed a skateboard chassis that it plans to sell to other car makers.

Rivian had a fairly low profile for the first decade until it caught the eye of Amazon billionaire Jeff Bezos. Bezos took a private tour of the Rivian HQ in Michigan before leading a $700million investment in Rivian in 2019. Two months later, in April, Ford Motor invested $500million.

In July, Rivian closed a $2.5bn (£1.8bn) private funding round, led by Amazon’s Climate Pledge Fund, US investment firm D1 Capital Partners and Ford.

It takes the amount the company has raised since 2019 to a whopping $10.5bn (£7.5bn)
The company confidentially filed for an initial public offering on Aug 27, 2021, that values the electric vehicle maker at around $80 billion. The IPO may come as soon as mid-November, according to Bloomberg.

Amazon announced in 2019 that it would buy 100,000 Rivian vehicles for its cargo delivery fleet as part of the company's "Climate Pledge".

The company, which plans to be carbon neutral by no later than 2028, designs for the complete life cycle of the vehicle. Battery packs are designed to be easily removed and either recycled or used in “second life” applications such as stationary storage. The interiors are made from 100% animal-free 'vegan leather' with mid-life repair ability and end-of-life recyclability planned into the design.

Rivian bosses visited the UK site this week before flying on to Germany to visit a rival site before making a final decision, it is understood.

The UK previously missed out to Germany on an investment by Tesla, which opted to open its factory in the European Union following concerns around the uncertainties caused by Brexit.

If Rivian builds a factory in the UK, it would be its first outside the US. A deal with the carmaker would be worth £1bn to the UK economy and in the South West alone could create 10,000 jobs and another 90,000 indirect roles as part of the supply chain.

If it moves ahead, it would be the biggest car deal of its kind in the UK since the 1980s - and a major boost to the country’s automotive industry, which saw production slump to its lowest level since 1984 last year amid the pandemic.

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This release was published on openPR.