Rivian has closed an investment round of $2.5 billion. The financing was led by funds and accounts advised by T. Rowe Price Associates, Inc.
“We are excited to continue this journey with Rivian’s innovative and talented team as they now prepare to deliver their groundbreaking products that help shift to a carbon-neutral planet,” said Joe Fath, Portfolio Manager of T. Rowe Price Growth Stock Fund.
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.
“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 Rivian Founder and CEO RJ Scaringe.
No new board seats have been added, and additional details about this investment are not being disclosed at this time. The investment announcement is Rivian’s first in 2020.
In 2019, Rivian received funding from Amazon, Ford Motor Company, Cox Automotive among others. In December, Rivian closed an investment round of $1.3 billion. The financing was led by funds and accounts advised by T. Rowe Price Associates, Inc. with additional participation from Amazon, Ford Motor Company and funds managed by BlackRock.
Rivian is also developing an electric delivery van for Amazon utilising Rivian’s skateboard platform and that 100,000 of these vans had been ordered with deliveries starting in 2021.