© firaxissmooke dreamstime.com General | January 13, 2020
Rivian announces close of fourth funding round
Rivian closed an investment round of USD 1.3 billion in late December, led by funds and accounts advised by T. Rowe Price Associates Inc., with Amazon, Ford Motor Company also participating.
“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, in a press release. The investment mark’s Rivian’s fourth of 2019. The first, in February, raised USD 700 million and was led by Amazon. Then in April, Rivian announced that Ford Motor Company followed up with a USD 500 million chunk of financing and the companies would collaborate on a vehicle project using Rivian’s skateboard platform. In September, Cox Automotive announced its USD 350 million investment in Rivian and plans to collaborate on logistics and service. Finally, in September, a collaboration with Amazon on the development of an electric delivery van utilizing Rivian’s platform technology was announced, including an order of 100,000 vans and plans to start deliveries in 2021. The company’s launch products, the R1T and R1S, can deliver up to 400+ miles of range and provide off-road and utility capabilities. The vehicles both use the company’s flexible skateboard platform and will be produced at Rivian’s manufacturing plant in Normal, Illinois. Customer deliveries are expected to begin at the end of 2020. No additional details about this investment have been disclosed. Founded in Florida in 2009, Rivian has development centers in Michigan, California, Vancouver, Canada, and Surrey, England, along with a 2.6-million-square-foot manufacturing plant in Normal, Illinois.