Rivian Lands $2.65 Billion In New Investment Round
The electric automaker Rivian has brought in another $2.65 billion in a new investment round as it prepares to begin production in Normal.
The investment, announced Tuesday, is Rivian’s first of 2021. The company has now raised $8 billion since the start of 2019.
The new investment round was led by funds and accounts advised by T. Rowe Price. This round also included Fidelity Management and Research Company, Amazon’s Climate Pledge Fund, Coatue and D1 Capital Partners as well as several other existing and new investors, the company said.
“This is a critical year for us as we are launching the R1T, the R1S and the Amazon commercial delivery vehicles," Rivian founder and CEO RJ Scaringe said in a statement. "The support and confidence of our investors enables us to remain focused on these launches while simultaneously scaling our business for our next stage of growth."
Rivian is investing hundreds of millions of dollars into retooling and expanding its manufacturing plant in Normal. It already had 630 employees in Normal as of December, with plans to hire hundreds more as production ramps up. The first Rivian vehicles will be delivered to U.S. customers starting in June (R1T trucks) and August (R1S SUVs).
“We have been eagerly anticipating the arrival of 2021, and with it, the exhilaration of Rivian starting to deliver its revolutionary products to customers," Joe Fath, T. Rowe Price portfolio manager, said in a statement. "It is invigorating for us to continue our journey with such a talented, mission-driven team building a robust organization for the long term."
Rivian is also making 100,000 electric delivery vans for Amazon.