- Electric vehicle company Rivian announced it has closed $2.5 billion in funding led by funds and accounts advised by T. Rowe Price Associates
Electric vehicle company Rivian announced it has closed $2.5 billion in funding led by funds and accounts advised by T. Rowe Price Associates, Inc. No new board seats were added.
The participants in this investment round include Soros Fund Management LLC, Coatue, Fidelity Management and Research Company, and Baron Capital Group. And existing shareholders Amazon and funds managed by BlackRock also participated.
This investment was the first in 2020 for Rivian. Last year, Rivian raised $700 million in funding led by Amazon in February, $500 million from Ford Motor Company in April, $350 million from Cox Automotive in September, and $1.3 billion led by funds and accounts advised by T. Rowe Price in December.
Rivian is known for developing a connected electric platform that can be flexibly applied to a range of applications. The company’s vehicles — which are called the R1T (electric pickup truck) and R1S (electric SUV) — are expected to deliver up to 400+ miles of range. The vehicles will be using the company’s flexible skateboard platform and will be produced at Rivian’s manufacturing plant in Normal, Illinois. customer deliveries are expected to begin in 2021.
Amazon is working closely with Rivian to develop an electric delivery van to help the e-commerce giant reduce its carbon footprint. Specifically, Rivian is going to provide Amazon with 100,000 of the sustainable delivery vans starting next year.
Key Quotes:
“We are focused on the launch of our R1T, R1S and Amazon delivery vehicles. With all three launches occurring in 2021, our teams are working hard to ensure our vehicles, supply chain and production systems are ready for a robust production ramp up. We are grateful for the strong investor support that helps enable us to focus on execution of our products.”
— Rivian Founder and CEO RJ Scaringe
“We are excited to continue this journey with Rivian’s innovative and talented team as they now prepare to deliver their groundbreaking products that help shift to a carbon-neutral planet.”
— Joe Fath, portfolio manager of T. Rowe Price Growth Stock Fund
