Editor's note: An earlier version of this story misstated the amount Rivian Automotive paid to acquire a Normal, Ill., assembly plant from an industrial liquidation firm in 2017.
A boost in funding last week is helping electric-vehicle startup Rivian Automotive move forward with development of a full-electric five-passenger pickup and a seven-passenger SUV that it intends to build in Normal, Ill.
The Detroit venture has not revealed details of its planned product line, nor said publicly how it intends to go to market or whether it will create a franchised dealer network.
But Rivian CEO RJ Scaringe told Automotive News last week that he will unveil vehicles in November at the Los Angeles Auto Show. Scaringe, in an email, provided no specifics for a release date, other than saying 2020.
"Rivian has built a strong foundation around a world-class team, differentiated technology and critical infrastructure," Scaringe, 35, wrote in the email. "Rivian has a strong backing from its shareholders to support our long-term growth plans."
Last week, the venture said it has received $200 million in debt financing from Standard Chartered Bank, of London. A Rivian statement said the loan brings its financing to $450 million, including funds from other investors such as the investment arm of Saudi company Abdul Latif Jameel and Sumitomo Corp. of Americas.