Rivian has squirreled away another $2.65 billion in cash with a successful investment round led by T. Rowe Price, one of the company’s key financial backers.
This round also included new investments Fidelity Management and Research Co., Amazon’s Climate Pledge Fund, Coatue and D1 Capital Partners as well as several other existing and new investors, according to a statement from Rivian.
Rivian, which is preparing to launch and electric pickup truck this summer, also has financial backing from the Ford Motor Co. and Amazon Inc. Ford expects to use Rivian technology in the future and Amazon plans to deploy delivery vehicles built by Rivian. Ford officials confirmed to TheDetroitBureau.com that the automaker did not participate in the latest investment round.
“This is a critical year for us as we are launching the R1T, the R1S and the Amazon commercial delivery vehicles. The support and confidence of our investors enables us to remain focused on these launches while simultaneously scaling our business for our next stage of growth,” noted Rivian Founder and CEO RJ Scaringe.
Rivian has spent more than a year re-configuring a former Mitsubishi assembly plant in Normal, Illinois to build the R1T and R1S. The Normal plant has already produced several pre-production vehicles that are being used in promotional videos and a cross-country drive that highlights the ability of the Rivian vehicles to travel off road in wild country.
“We have been eagerly anticipating the arrival of 2021, and with it, the exhilaration of Rivian starting to deliver its revolutionary products to customers. It is invigorating for us to continue our journey with such a talented, mission-driven team building a robust organization for the long term,” said Joe Fath, T. Rowe Price portfolio manager.
Late last year, Rivian launched an online configurator to begin the process of ordering vehicles.
The investment announcement is Rivian’s first in 2021 and the company has now raised $8 billion since the start of 2019, the company said after completing the new round of investments.
Rivian, which was founded in 2009 and gone through a long gestation period, has now developed what it describes as a vertically integrated a connected electric platform that can be flexibly applied to a range of applications, including the company’s adventure products as well as B2B products such as the Amazon last mile-delivery van.
Last July, Rivian announced it completed a $2.5 billion funding round led by funds and accounts advised by T. Rowe Price.
In early 2019, Rivian announced a $700 million funding round led by Amazon. It was followed by Ford Motor Co.’s $500 million investment in April 2019, and that the companies would collaborate on a future program. Cox Automotive soon after invested $350, which also included plans for collaboration on logistics and service.
Rivian next announced it was developing a customized electric delivery van for Amazon, using the company’s skateboard platform. Some 100,000 of the vans had been ordered by Amazon and deliveries are scheduled to start later this year, according to Rivian.
Following the Amazon announcement in 2019, Rivian closed an investment round of $1.3 billion led by funds and accounts advised by T. Rowe Price Associates, Inc. with additional participation from Amazon, Ford and funds managed by BlackRock, Rivian said.