Sumitomo Corporation of Americas (SCOA) and Rivian jointly announced today that SCOA has made a strategic investment in electric vehicle manufacturer Rivian.
Rivian is developing an integrated portfolio of electric vehicles, technologies and services, including an electric adventure vehicle and five-passenger truck to be introduced in 2020, followed by a seven-passenger SUV. The vehicles will be built at the company's manufacturing facility in Normal, Illinois.
Commenting on the investment, RJ Scaringe, founder and Chief Executive Officer of Rivian, stated, "We are honored and excited to have Sumitomo as a strategic investor. Their global reach, expertise, and network in the automotive sector will help us in executing our vision. This investment reflects the result of our team's hard work in developing our technology and products."
The financial terms of the investment were not disclosed.