EV developer Rivian closes $2.5B funding round; raised $10.5B in total since 2019
25 July 2021
EV developer Rivian has closed a $2.5-billion private funding round. The financing was led by Amazon’s Climate Pledge Fund, D1 Capital Partners, Ford Motor Company and funds and accounts advised by T. Rowe Price Associates, Inc. This round included participation by Third Point, Fidelity Management and Research Company, Dragoneer Investment Group, and Coatue.
As we near the start of vehicle production, it’s vital that we keep looking forward and pushing through to Rivian’s next phase of growth. This infusion of funds from trusted partners allows Rivian to scale new vehicle programs, expand our domestic facility footprint, and fuel international product rollout.
—Rivian CEO RJ Scaringe
Rivian has raised $10.5 billion since 2019.
In January 2021, Rivian announced a $2.65-billion funding round led by funds and accounts advised by T. Rowe Price Associates, Inc.
In July 2020, Rivian announced a $2.5-billion funding round led by funds and accounts advised by T. Rowe Price Associates, Inc.
In February 2019, Rivian announced a $700-million funding round led by Amazon.
In April 2019, Rivian announced that Ford Motor Company invested $500 million and that the companies would collaborate on a future program.
In September 2019, Cox Automotive announced its $350-million investment in Rivian, complemented by plans to collaborate on logistics and service.
In late September 2019, Rivian announced it was developing a custom electric delivery van for Amazon utilizing Rivian’s skateboard platform and that 100,000 of these vans had been ordered with customer deliveries starting in 2021.
In December 2019, 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 has developed and vertically integrated a connected electric platform that can be flexibly applied to a range of applications, including the company’s adventure products (R1T and R1S) as well as B2B products such as the Amazon last mile delivery vans.
Vehicles will be produced at Rivian’s manufacturing plant in Normal, Ill., with customer deliveries expected to begin in fall 2021.
That is a lot of money (overall).
Does anyone know how they are actually getting on.
Making cars and vans that can be sold at a profit is a very hard thing to do.
It takes more than a good motor, battery and a flashy slide deck.
Posted by: mahonj | 25 July 2021 at 06:03 AM