Rivian Raises $1.3 Billion In Additional Funding
|The Rivian R1T.
Not long after raising $500 million from Ford and an additional $350 million from Cox Automotive, electric car startup Rivian has announced $1.3 billion in new funding led by T. Rowe Price, with participation from BlackRock and existing investors Ford and Amazon. The additional investment is the fourth Rivian has raised this year, and comes a few months after Amazon announced it’ll purchase 100,000 vehicles from the company as part of plans to make its delivery fleet run on renewable energy.
The additional investment brings the total raised by Rivian this year to a whooping $2.85 billion. In a statement, Rivian founder and CEO RJ Scaringe praised the investment as demonstrating “confidence in our team, products, technology and strategy”. With the investment, Rivian now stands as one of the top-most financed electric car upstarts in what seems like a crowded market.
Rivian plans to begin selling vehicles next year, which may explain the additional funding at the tail-end of this year. The company has developed two electric vehicles; the R1T and R1S, a pickup and an SUV respectively. Deliveries for the vehicles are aimed to begin at the end of next year.
Rivian’s electric vehicles will be produced at its 2.6-million-square-foot manufacturing plant in the state of Illinois. In addition to that manufacturing plant, Rivian also operates development centers in San Jose, Irvine, Vancouver (Canada), Surrey (England) and Plymouth, Michigan.
Rivian expects to launch its electric vehicles in the U.S. by next year, and in other countries by 2021.