Rivian Adds $2.5 Billion More To It's War Chest For EV Pickup

Daniel Fowler
July 11, 2020

Last year, Rivian moved into the commercial-delivery market, where the limited range of electric vehicles and slower refueling times are less of a concern for buyers.

Other participants in the round include Soros Fund, Coatue, Fidelity Management, Baron Capital, Amazon (NASDAQ:AMZN) and funds managed by BlackRock.

The investment was led by T. Rowe Price, which also led a $1.3 billion funding round in December.

Electric vehicle startup Rivian announced today that it closed an investment round of $2.5 billion, led by funds and accounts advised by T. Rowe Price Associates, Inc.

Auto companies have been eager to combine the investor exuberance for electric cars with the profit potential of popular large SUVs and pickup trucks, and are investing billions into what's still a novel technology for many buyers. It can afford not to, because it seems like every other month the company-which has yet to release its first trucks, the R1T pickup and R1S SUV-gets another huge cash infusion from excited believers.

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.

Rivian (RIVN) raised another $2.5B in a funding round led by T. Rowe Price (NASDAQ:TROW).

After announced delays due to the coronavirus pandemic, Rivian's three vehicles - the R1T electric pickup truck and the R1S SUV, as well as the electric delivery vans for Amazon - are expected to come to market in 2021.

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Existing shareholders Amazon and BlackRock-managed funds also took part.

General Motors and Ford now dominate the truck market, including commercial trucks, but neither automaker has yet to introduce a fully-electric version of one of its truck models, which gives Rivian an advantage.

The company also announced in 2019 it was developing an electric delivery van for Amazon using its skateboard platform.

E-commerce giant Amazon ordered 100,000 electric delivery vans from Rivian.

In the first half of 2020, $968 million in venture capital was invested into electric vehicle startups, according to Pitchbook.

Tesla's rapid rise has put focus on electric vehicles and other newcomers in the space planning to introduce their own electric models, including Nikola Motor, which just launched its U.S. IPO.

Rivian's latest investment round comes as Tesla's stock has soared to new heights.

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