Sumitomo : of Americas Makes Strategic Investment In Rivian
December 12, 2017 at 09:09 pm EST
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Dec. 13, 2017
Sumitomo Corporation
Sumitomo Corporation (head office: Chuo-ku, Tokyo; Representative Director, President and Chief Executive Officer: Kuniharu Nakamura), through Sumitomo Corporation of Americas (head office: New York, the United States; Representative: Shingo Ueno; hereinafter 'SCOA'), is pleased to announce its investment in Rivian Automotive, Inc. (head office: Plymouth, the United States; CEO: R. J. Scaringe; hereinafter: 'Rivian') through a third-party allocation of newly issued shares.
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. Rivian vehicles will incorporate the company's cloud-based digital architecture, self-driving platform and advanced battery system. Rivian has vehicle design and engineering operations in Michigan, technology and engineering in California and manufacturing facilities in Illinois. Rivian will also establish the customer-touch-point network in US for charging and maintenance of the vehicles, including enhancing the communication among the brand and customers. Through such network, Rivian will propose new life-style provided by the car-sharing of EV.
Sumitomo Corporation Group will support Rivian's business development through its network in North America and its supplier relationship where Sumitomo has deep business experience and relationships across the world. Through this investment, Sumitomo Corporation will not only contribute to the future mobility, but also develop new businesses originated in the North American region and expand them globally.
Profile of Rivian Automotive, Inc.
Established
:
2009
Business
:
Designing, developing, manufacturing, sales, sharing of Autonomous-shared electric vehicles
Head office
:
Plymouth, Michigan, USA
Number of Employees
:
250
■Sumitomo Corporation's Material Issues
Sumitomo Corporation Group positions 'Six Material Issues to Achieve Sustainable Growth with Society' as an important factor in developing business strategies and in the decision-making process for individual businesses. Going forward, we will pursue sustainable growth by resolving these issues through our business activities. This Project especially contributes to 'Achieving Harmony with the Global Environment' 'the Development of Local Communities and Industries' 'Establishing a Foundation for Comfortable and Enriching Lifestyles' and 'Providing Diverse 'Accessibility''.
Sumitomo Corporation published this content on 13 December 2017 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 13 December 2017 02:08:03 UTC.
Original documenthttp://www.sumitomocorp.co.jp/english/news/detail/id=30464
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Sumitomo Corporation is a diversified group organized around 7 areas of activity:
- retail distribution of consumer goods (24.4% of net sales): food products, apparel and accessories, pharmaceuticals, building materials, household and decorative items, etc. The group is also developing a real estate business;
- trading of hydrocarbon, mining, chemicals and electronics products (24%): oil, natural gas, copper, gold, silver, zinc, lead, nickel, coal, iron ore, resins, pesticides, petrochemical products, etc.;
- trading of steel products and non ferrous metals (20%): flat and long steel products, tubular products, aluminum products, titanium, etc.;
- distribution of transportation and construction systems and equipments (15.1%): spatial equipments, landing fields, forest machines, motorcycles, mining operating vehicles, etc.;
- telecommunications and multimedia products and services supplies (8.8%): TV wiring, data communication solutions, film distribution services, mobile telephony, Internet access and computing services;
- development and implementation of civil engineering infrastructures (7.6%): power plants, wastewater treatment units, industrial plants, telecommunications centers, etc. The group is also providing logistics services;
- other (0.1%).
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