Rivian has closed an investment round of $1.3 billion, the fourth investment the battery-electric truck and SUV startup will receive in 2019.
The financing was led by funds and accounts advised by T. Rowe Price Associates, Inc, which included Amazon, Ford, and BlackRock, according to Rivian. In February, Rivian announced a $700 million funding round led by Amazon.
In April, Rivian announced that Ford Motor Co. invested $500 million and that the companies would collaborate on a vehicle project utilizing Rivian’s skateboard platform, according to a release. 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.
The company’s launch products, the R1T and R1S, provide up to 400 miles of range and use the company’s 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.
Additional details about this investment are not being disclosed at this time.
Originally posted on Automotive Fleet
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