Visions - Winter/Spring 2018 - 9

Rivian

NEW

his past December, SCOA announced its
investment in Rivian, an electric vehicle (EV)
manufacturer that is in the process of developing an
integrated portfolio of semi-autonomous EV's with integrated
technologies and services. Led by a young, MIT graduate and
entrepreneur, RJ Scaringe, the investment in Rivian is unique for
SCOA's automotive portfolio, which is experiencing a shift from
traditional automobile services companies to new CASE-related
technologies, including this entrance into EV manufacturing.
Rivian's value proposition is a strong one - touting an enhanced user
experience through their "electric adventure vehicles." Their sleek messaging
promises to "get you to the mountain and back on a single charge," and
"safely crossing streams with your whole family, carrying enough gear for any
trip." All the while letting you "enjoy the wilderness in silence."
Their words paint a pretty picture, but the company is more than a luxury
electric SUV or Truck. Rivian's cloud-based digital architecture, self-driving
platform and advanced battery system are fully integrated and will allow for
new models as the brand grows. The Company plans to introduce its first
vehicles in 2020: a five passenger truck and a seven passenger SUV. The
vehicles are designed to combine performance with highly refined functionality, and will be built on the same flexible all-wheel drive platform at Rivian's
2.6 million square-foot manufacturing facility it Normal, IL (formerly owned by
Mitsubishi).

Turo

Shane Wakasugi, General
Manager, SCOA Automotive
Group is excited about our
partnership with Rivian,
and sees great value to be created on both
sides. "Sumitomo has extensive experience in
the global automotive sector and we are excited to
be part of Rivian as the industry evolves and, as autonomy and new
customer models begin to reshape the future of personal transportation.
RJ has assembled an incredible team that is making significant progress
towards advancing Rivian's exciting vision. Rivian's technology and products are well positioned to advance these shifts in personal transportation,
and we look forward to their success.
Rivian's CEO shares Mr. Wakasugi's optimism regarding the partnership.
"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.
While now is an exciting time as Rivian readies its assembly line to roll
out its first models, one could argue that the company's long-term plan
should really have us holding our breath. The models that follow Rivian's
initial products have their sights set on being fully autonomous, with Rivian
launching new options for how consumers drive, own and maintain their
vehicles - ultimately transforming how we all experience and explore the
world.

NEW

leet management has been a long-time
specialty for Sumitomo's business, having
operated Sumitomo Auto Service's fleet platform of
750,000 vehicles, which is #1 in Japan. So it comes as no surprise that online car-sharing marketplace, Turo, was a natural fit
when SCOA's Auto and Aerospace Group began researching the
company as a potential investment opportunity.
The team quickly saw the growth potential and
synergies associated with Turo, and released
the strategic investment announcement in April.
The partnership and investment will not only provide the additional capital
necessary to grow Turo, but SCOA will provide market intelligence for Turo's
eventual Japanese and APAC expansion. SCOA Automotive Group GM Shane
Wakasugi explains, "Sumitomo has a great deal of experience in this space,
and we believe Turo's platform will be a game-changer for the future of auto
ownership and utilization. We look forward to using our unique insight into the
Asian marketplace to expand this offering."

that cost on average 35% less than traditional car rental agencies, while
car owners earn extra money to help fuel their own adventures. Turo serves
as useful and easy "side hustle" for owners who may not use their car on
a daily basis - or perhaps have no need for it on the weekend. Alternatively,
Turo's renters are part of a growing population who don't feel the need to
own a car, but still want the autonomy to venture out on a weekend getaway.
Mr. Wakasugi's characterization of Turo as a "game-changer" may not be
far off. It is estimated that the shared transportation market is expected to
be $350 billion by 2020 - providing ample opportunity for growth as these
trends continue to shift from auto-ownership to a sharing model. Turo is
currently available in 4,500 cities and at 300 airports. There are over 800
makes and models of cars available to users, and the average car owner
using Turo's platform makes an average of $720 per month. Through its
insurance partner, Liberty Mutual, Turo insures owners up to one million
dollars per trip.
Turo's 2017 most
popular models

Founded in 2009, Turo is a car-sharing marketplace where travelers can rent
any car they want, wherever they want it, from a vibrant community of local
car owners. Travelers choose from a totally unique selection of nearby cars
Sumitomo Corporation of Americas

Table of Contents for the Digital Edition of Visions - Winter/Spring 2018