Rivian, Chase team up to offer all-digital e-vehicle financing

Electric adventure vehicle manufacturer Rivian and Chase, the US consumer and commercial banking business of JPMorgan Chase & Co., have announced a partnership to offer buyers of electric adventure vehicles an all-digital financing experience.

Chase will be functioning as Rivian’s private label partner. The private label – Rivian Financial Services – aims to offer financing through a highly transparent, interactive and simple purchase process. The financing will be available ahead of deliveries of Rivian’s R1T pickup in June.

Plymouth, Michigan-headquartered Rivian was founded in 2009 by RJ Scaringe, who also serves as the American automaker and automotive technology company’s CEO. Scaringe earned his MS and PhD in Mechanical Engineering from the Massachusetts Institute of Technology (MIT). He was also a member of the research team in the Sloan Automotive Laboratory at the MIT.

Rivian chief growth officer Jiten Behl said, “At Rivian, we’re focused on delivering truly exceptional customer experiences with every interaction.”

He added, “Chase is aligned with our goal of fully reimagining the vehicle purchasing process for the digital era and making the investments to deliver a best-in-class financing solution for Rivian customers.”

Chase Auto Partnerships head Jagdeep Dayal commented, “As customers increasingly look to do more online, we’ve activated our deep digital expertise across Chase to enhance the car buying experience.”

“The ability to seamlessly integrate financing into the purchase process helps our customers more simply secure a vehicle they will enjoy and can afford.”

Customers need to apply for financing on Rivian.com. A competitive, personalized decision will be offered within minutes. Customers can also finance several of the accessories to complement their Rivian vehicle.

The likely-to-be $25 billion vehicle company is also backed by Amazon and Ford Motor. Other present investors include Baron Capital Group, BlackRock Inc., T. Rowe Price Group Inc., Soros Fund Management, Fidelity Investments, and Coatue.

Rivian’s US development centers are located in California, Arizona and Michigan, while the car startup also has development centers in Canada (Vancouver) and England. The vehicle maker also runs a 3.5-million-square-foot manufacturing plant in Normal, Illinois.