Rivian has Raised Almost 2 Billion Dollars Since February
Rivian is developing vehicles, technology and services that inspire people to get out and explore the world. With development centers in Michigan, Califnoria, Vancouver and England and a 2.6-million-square-foot manufacturing plant in Normal, Illinois. Rivian is now accepting preorders on its R1T and R1S and will launch its products in the US in late 2020, with introduction to the rest of the world the following year.
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, a $700 million funding round led by Amazon. In April, Ford Motor Company invested $500 million and stated 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). No new board seats have been added, and additional details about this investment are not being disclosed at this time.
Additionally, in late September, Rivian announced it was teaming up with Amazon on the development of an electric delivery van and that 100,000 of these vans had been ordered with deliveries starting in 2021.