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Mitsubishi Motors

Electric vehicle startup Rivian gets $200 million in funding to recharge shuttered Normal plant

Electric vehicle startup Rivian gets $200 million in funding to recharge shuttered Normal plant

Startup Rivian Automotive has secured a $200 million loan to begin producing electric vehicles at the former Mitsubishi plant in Normal, Ill., by 2020.

While the Michigan-based company has yet to unveil a single vehicle design, the central Illinois city of Normal may have a lot riding on Rivian’s success, with potentially 1,000 new jobs in the works for the idled auto plant.

Company founder and CEO RJ Scaringe called the debt financing from Standard Chartered Bank an “important milestone” as Rivian seeks to gear up for its initial models — a fully electric five-passenger pickup truck and seven-passenger SUV.

“Our launch vehicles have completed substantial development and...

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