New Funding Gives Rivian Frontrunner Status in EV Pickup Race
The investment round of $2.5 billion comes as the electric vehicle startup retools its factory to produce its three electric vehicles starting in 2021.
Rivian will produce its three electric vehicles at the former Mitsubishi Motors plant in Normal, Illinois, which it purchased for $16 million in 2017.
Photo courtesy of Rivian.
Electric vehicle startup Rivian announced today that it closed an investment round of $2.5 billion, led by funds and accounts advised by T. Rowe Price Associates, Inc.
“We are focused on the launch of our R1T, R1S and Amazon delivery vehicles. With all three launches occurring in 2021, our teams are working hard to ensure our vehicles, supply chain and production systems are ready for a robust production ramp up. We are grateful for the strong investor support that helps enable us to focus on execution of our products,” said RJ Scaringe, Rivian founder and CEO in a statement.
Participants in this investment round include Soros Fund Management LLC, Coatue, Fidelity Management and Research Company, and Baron Capital Group. Existing shareholders Amazon and funds managed by BlackRock also participated.
The investment announcement is Rivian’s first in 2020 and surpasses its combined funding to date.
Earlier funding in 2019 included a $700 million round led by Amazon, $500 million from Ford to collaborate on a future program, a $350 million investment from Cox Automotive, and an investment round in December of $1.3 billion led by T. Rowe Price as well.
In September, Rivian announced it was developing an electric delivery van for Amazon utilizing Rivian’s skateboard platform. Rivian said in the statement that 100,000 of these vans have been ordered with deliveries starting in 2021.
After announced delays due to the coronavirus pandemic, Rivian’s three vehicles — the R1T electric pickup truck and the R1S SUV, as well as the electric delivery vans for Amazon — are expected to come to market in 2021.
The vehicles will be produced at Rivian’s manufacturing plant in Normal, Ill. They use Rivian’s “flexible skateboard platform” that can be applied to a range of applications, the company said.
The announcement comes amidst a flurry of activity with electric pickups. Lordstown Motors revealed its Endurance electric pickup in June. Preorders for the Nikola Badger pickup began on June 29.
Tesla claims 600,000 pre orders for its Cybertruck, while both Ford and GM announced the electric F-150 and Hummer EV earlier this year.
The Endurance, Badger, and Cybertruck are slated for 2021 release; the electric F-150 and Hummer EV are due to come out in 2022.
Originally posted on Automotive Fleet
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