Electric truck startup Rivian raises $1.3 billion more to challenge Tesla

Enlarge / The R1T interior. (credit: Rivian)

Electric truck startup Rivian has raised another $1.3 billion from investors, the company announced on Monday. Rivian had already announced three fundraising rounds this year worth more than $1.5 billion in total.

A number of companies have tried to follow in Tesla’s footsteps in recent years, and some of them have struggled. At this point, Rivian looks like one of the most credible entrants in the electric vehicle business. We declared Rivian’s truck the best of the New York Auto Show in April and named Rivian itself the star of the show.

Rivian’s truck, the R1T, starts at $69,000 (before a $7,500 federal tax credit for American customers). Rivian says its trucks can accelerate from 0 to 60mph in under three seconds. The entry-level truck has a 105kWh battery that will offer 230 miles (370km) of range, while the most expensive model has a 180kWh battery with 400 miles (640km) of range.