Amazon, Ford, and T. Rowe Price invest additional $1.3 billion in electric adventure vehicles startup Rivian
Electric startup Rivian is back in the news. With millions of gas guzzlers on the roads, Rivian believes it can reduce the Carbon dioxide emissions into the atmosphere, lower the carbon footprint and also make money doing good. Rivian wants to turn adventure vehicles–typically gas guzzlers–into fully electric cars. Back in February, we wrote about Rivian when led a $700 million investment in electric truck startup. Today, Rivian announced it has raised addition $1.3 billion funding round led by T. Rowe Price, with Amazon, Ford Motor Company and funds managed by BlackRock also participated in the round.
This is Rivian’s fourth investment in 2019. In February, Rivian announced a $700 million funding round led by Amazon. In April, Rivian announced that Ford Motor Company invested $500 million and that the companies would collaborate on a vehicle project utilizing Rivian’s skateboard platform. In September, Cox Automotive announced its $350 million investment in Rivian, complemented by plans to collaborate on logistics and service.
In addition to these investments, in late September, Rivian announced it was collaborating with Amazon on the development of an electric delivery van utilizing Rivian’s platform technology and that 100,000 of these vans had been ordered with deliveries starting in 2021.
“This investment demonstrates confidence in our team, products, technology and strategy – we are extremely excited to have the support from such strong shareholders,” said Rivian Founder and CEO RJ Scaringe.
Founded in 2009 by Robert J. Scaringe, Rivian is the world’s first electric adventure vehicles. The company is developing vehicles, technology and services that inspire people to get out and explore the world. Rivian is an automotive technology company that develops products and services to advance the shift to sustainable mobility.
With a team of more than 750 people, Rivian has development centers in Plymouth, Mich.; San Jose, Calif.; Irvine, Calif; and Surrey, England; along with a 2.6-million-square-foot manufacturing plant in Normal, Ill. Rivian plans to launch its R1T pickup truck and R1S sport utility in the U.S. in 2020, and begin introducing them overseas in 2021. Rivian is now accepting preorders on its R1T and R1S.