Fledgling electric vehicle maker Rivian secured $1.3 billion in investments from funds and accounts advised by T. Rowe Price Associates. The company notes that this influx of money does not add any seats to the board, and the business is not disclosing any further details about the new financing at this time.
Gallery: Rivian R1T Electric Pickup Truck
"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 said in the company's announcement.
Rivian has had a big year in 2019. An investment round in February brought in $700 million, including cash from Amazon. Ford invested $500 million in April, and Cox Automotive contributed $350 million in September.
At this year's Overland Expo, Rivian showed off one of the more intriguing aspects of the R1T. The company intends to offer an optional pull-out kitchen that includes two electric burners, a sink with five-gallon water supply, a variety of utensils.
Amazon and Rivian also signed a deal in September for the EV maker to produce 100,000 units of an electric delivery truck starting in 2021. The first 10,000 of them would be in the online retailer's fleet by 2022, and the remaining 90,000 would arrive by 2030. Technical details are still largely a mystery, beyond the vans very likely riding on Rivian's modular platform
Rivian intends to introduce its first products to the market in late 2020. The R1T is a pickup, and the R1S is a crossover with five- and seven-passenger configurations. With their largest battery packs, both models would allegedly be capable of ranges over 400 miles (644 kilometers).
Rivian announces $1.3 billion funding round led by T. Rowe Price
Photo credit: Jeff Johnson
December 23 — 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.