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,” said Rivian Founder and CEO RJ Scaringe. “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.
No new board seats have been added, and additional details about this investment are not being disclosed at this time.
Rivian has received a number of investments recently:
- In February, the company announced a $700 million funding round led by Amazon.
- In April, it announced that Ford Motor Co. invested $500 million and that the companies would collaborate on a future program.
- In September, Cox Automotive announced its $350 million investment in Rivian, complemented by plans to collaborate on logistics and service.
- In late September, the company announced it was developing an electric delivery van for Amazon utilizing its skateboard platform and that 100,000 of these vans had been ordered with deliveries starting in 2021.
- 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 Co., and funds managed by BlackRock.
For more information, visit rivian.com.