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Sumitomo Corporation of Americas Makes Strategic Investment In RivianNEW YORK, Dec. 12, 2017 /PRNewswire/ -- Sumitomo Corporation of Americas ("SCOA") and Rivian jointly announce that SCOA has made a strategic investment in Rivian. Rivian is developing an integrated portfolio of electric vehicles, technologies and services to reimagine the customer experience. Rivian's premium vehicle platform enables new customer models and integrates with the company's cloud-based digital architecture, self-driving platform and advanced battery system. Rivian plans to introduce its first electric adventure vehicle, a five-passenger truck, in 2020, followed by a seven-passenger SUV. These vehicles will combine performance with highly refined functionality, and will be built on the same flexible all-wheel drive platform at the company's modern manufacturing facility in Normal, IL. Commenting on the investment, Sam Kato, Senior Vice President & General Manager of the Auto & Aerospace Group at SCOA said, "Sumitomo Corporation has extensive experience in the global automotive sector and is excited to be a part of Rivian at this important industry inflection point, as autonomy and new customer models begin to reshape the future of personal transportation. RJ has assembled an incredible team that has made significant progress towards advancing Rivian's exciting vision. Rivian's technology and products are well-positioned to advance these future shifts in personal transportation, and we look forward to backing theirsuccess." 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 this investment were not disclosed. About Sumitomo Corporation of Americas About Rivian
SOURCE Sumitomo Corporation of Americas; Rivian |