Electric vehicle startup Rivian gets $2.5B in added funding

Marco Green
July 11, 2020

Since previous year, Rivian has raised well over $5 billion and is backed by Amazon, Ford, and Cox Automotive, among others.

Electric vehicle company Rivian announced Friday the close of a $2.5 billion funding round. The financing was led by funds and accounts advised by T. Rowe Price Associates, Inc.

That includes money from Soros Fund Management LLC, founded by billionaire philanthropist George Soros; the tech sector hedge fund Coatue; the Fidelity Management and Research Co.; and Baron Capital Group, founded by Ron Baron.

Rivian Founder and CEO RJ Scaringe has been working with the company's team of engineers to create a series of electric vehicles that are capable of handling rough, rocky, and unusual outdoor terrain while remaining sustainable and giving drivers high performance.

Scaringe has also indicated that he has no plans to take Rivian public anytime soon, so this likely won't be the last big funding round for the company as investors eying Tesla's soaring stock price scramble to get in on the ground floor of any serious EV play.

-In September, Cox Automotive announced its $350 million investment in Rivian, complemented by plans to collaborate on logistics and service. The company closed the year with an announcement that it had raised $1.3 billion round 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. "We are grateful for the strong investor support that helps enable us to focus on execution of our products", Scaringe said in a statement. These vehicles use the company's flexible skateboard platform and will be produced at Rivian's manufacturing plant in Normal, Ill., with customer deliveries expected to begin in 2021. -In December, Rivian closed an investment round of $1.3 billion. The R1T and R1S were supposed to go into production in 2020.

It's notable that this round wasn't driven by companies like Ford or Amazon that have already signed production deals with Rivian and have a concrete interest in getting its factories up and running.

It plans to release its first vehicles, the R1T pickup and R1S SUV, in 2021.

Other reports by Click Lancashire

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