Photo Credit: Jeff Johnson
Rivian Announces $1.3 Billion Funding Round Led By T. Rowe Price
Rivian has closed an investment round of $1.3 billion. The financing was led by funds and accounts advised by T. Rowe Price Associates, Inc.
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 – we are extremely excited to have the support from such strong shareholders,” said Rivian Founder and CEO RJ Scaringe.
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.
Starting with a clean sheet, Rivian has developed its vehicles with adventurers at the core of every design and engineering decision. The company’s launch products, the R1T and R1S, deliver up to 400+ miles of range and provide an unmatched combination of performance, off-road capability and utility. These vehicles use the company’s flexible skateboard platform and will be produced at Rivian’s manufacturing plant in Normal, Ill., with customer deliveries expected to begin at the end of 2020.
No new board seats have been added, and additional details about this investment are not being disclosed at this time.
Rivian is developing vehicles, technology and services that inspire people to get out and explore the world. Rivian has development centers in Plymouth, Mich.; San Jose, Calif.; Irvine, Calif; Vancouver, Canada, and Surrey, England; along with a 2.6-million-square-foot manufacturing plant in Normal, Ill. Rivian will launch its products in the US in late 2020, with introduction to other global geographies starting in 2021. Rivian is now accepting preorders on its R1T and R1S. More information is available at rivian.com.