Rivian Scores $1.3 Billion Investment
Rivian has closed an investment round of $1.3 billion, according to the electric vehicle manufacturer. The financing was led by funds and accounts advised by T. Rowe Price.
Amazon, Ford Motor Company and funds managed by BlackRock also participated in the round.
“This investment demonstrates confidence in our team, products, technology and strategy,” said Rivian Founder and CEO RJ Scaringe. “We are extremely excited to have the support from such strong shareholders.”
The investment announcement is Rivian’s fourth of 2019. In February, Rivian announced a $700 million funding round led by Amazon. In April, Rivian announced that Ford Motor Company invested $500 million and that the companies would collaborate on a vehicle project utilizing Rivian’s skateboard platform. In September, Cox Automotive announced its $350 million investment in Rivian, complemented by plans to collaborate on logistics and service. In addition to these investments, in late September, Rivian announced it was collaborating with Amazon on the development of an electric delivery van utilizing Rivian’s platform technology and that 100,000 of these vans had been ordered with deliveries starting in 2021.
The company’s first production vehicles, the R1T and R1S, are available for preorder and are scheduled to roll off the assembly line in late 2020.
