Rivian has raised a giant $1.3 billion round of funding as it gets ready to deliver its all-electric pickup and SUV next year. The financing was led by funds and accounts advised by T. Rowe Price Associates.
Previous investors Amazon, Ford, and 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,” Rivian Founder and CEO RJ Scaringe said in a release.
Rivian has steadily added to its war chest over the past year. The investment is the company’s fourth of 2019. In February, Rivian announced a $700 million funding round led by Amazon. In April, Rivian announced that Ford Motor Company invested $500 million and 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. 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 R1T pickup is expected to go into production next year and start at $69,000. The truck will include four electric motors and three battery packs options – a 180 kWh battery that is expected to offer more than 400 miles of range per charge, a 135 kWh option that gives more than 300 miles of range per charge, and a 105 kWh pack, which will give about 230 miles of range per charge. The R1T has a towing capacity of 11,000 pounds.
Last edited by a moderator:
