Rivian has secured a massive $1.3 billion round of funding led by T. Rowe Price Associates, an important Tesla investor, and others.
After unveiling its electric pickup truck, the R1T, and its electric SUV, the R1S, last year, Rivian went on a fundraising spree.
In February, Rivian took a $700 million round of funding led by Amazon, and Ford invested $500 million in an electric pickup startup just two months later.
The startup also added Cox Automotive as an investor with a $350 million round in September.
It made Rivian one of the best-funded electric vehicle startups in the world, but they didn’t stop there.
Today, the company announced that it closed a new massive round of funding worth $1.3 billion.
They disclosed that T. Rowe Price Associates, a major Tesla investor, led the round, and Amazon, Ford Motor Company, and funds managed by BlackRock also participated in the round.
Rivian founder and CEO RJ Scaringe commented on the closing of 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.
They didn’t disclose the terms of the investment or what they plan to do with the funds, but Rivian is currently working to bring the R1T and R1S to market late next year.
Furthermore, Rivian received a contract to make 100,000 electric delivery vans for Amazon over the next four years.
The startup is currently working on its manufacturing plant in Normal, Illinois.
I know that the automotive industry is capital-intensive, but damn! That’s a lot of money.
We are talking about almost $3 billion in less than a year, and from serious investors.
It’d say that it puts a lot of pressure on the success of the R1T and R1S vehicle programs, but at the same time, I think the Amazon delivery van contract could be worth more than $3 billion alone.
So Rivian is probably in a good position in the next few years, since one of its biggest investors is also its biggest client.
FTC: We use income earning auto affiliate links. More.
Subscribe to Electrek on YouTube for exclusive videos and subscribe to the podcast.