Rivian announces $2.5 billion investment round
Plymouth, MI-based Rivian, the American automaker and automotive technology company, has closed an investment round of $2.5 billion. The financing was led by funds and accounts advised by T. Rowe Price Associates, Inc. Participants in this investment round include Soros Fund Management LLC, Coatue, Fidelity Management and Research Company, and Baron Capital Group. Existing shareholders Amazon and funds managed by BlackRock also participated. No new board seats have been added, and additional details about this investment are not being disclosed at this time.
Founded in 2009, Rivian has developed and 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 vans. 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 in 2021.
“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.
“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.
The investment announcement is Rivian’s first in 2020.
In 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 future program.
– In September, Cox Automotive announced its $350 million investment in Rivian, complemented by plans to collaborate on logistics and service.
– In late September, Rivian announced it was developing an electric delivery van for Amazon utilizing Rivian’s skateboard platform and that 100,000 of these vans had been ordered with deliveries starting in 2021.
– In December, Rivian closed an investment round of $1.3 billion. The financing was led by funds and accounts advised by T. Rowe Price Associates, Inc. with additional participation from Amazon, Ford Motor Company and funds managed by BlackRock.
In 2020:
– We’ve learned that the company is entering insurance.
