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Rivian Raises Another $2.5 Billion In New Funding Round

Rivian assembly line
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There are two Rivian assembly lines already making vehicles in Normal. One is making the R1 series of vehicles. The other is focused on the Amazon delivery vehicles.

Rivian on Friday announced a new $2.5 billion investment round from Amazon, Ford and other partners.

The new financing was led by Amazon’s Climate Pledge Fund, D1 Capital Partners, Ford Motor Co. and funds and accounts advised by T. Rowe Price Associates, Inc. This round included participation by Third Point, Fidelity Management and Research Company, Dragoneer Investment Group, and Coatue.

“As we near the start of vehicle production, it’s vital that we keep looking forward and pushing through to Rivian’s next phase of growth,” Rivian CEO RJ Scaringe said in a statement. “This infusion of funds from trusted partners allows Rivian to scale new vehicle programs, expand our domestic facility footprint, and fuel international product rollout.”

This week Rivian confirmed plans for a second U.S. assembly plant.

Rivian says it’s raised roughly $10.5 billion to date. Amazon, Ford, and T. Rowe-managed funds and accounts have been part of multiple financing rounds. Amazon has also ordered 100,000 electric delivery vans from Rivian.

Rivian’s first manufacturing plant is in Normal. Rivian already has over 2,100 employees in Normal—rapidly becoming one of McLean County’s Top 5 employers—with plans to reach 3,000 to 4,000 workers by the end of 2022.

Rivian's first vehicles, which have been twice delayed by the pandemic, will be delivered to customers in September.

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Ryan Denham is the digital content director for WGLT.
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