EV Startup Rivian Raises USD 2.65 Billion, Led by T. Rowe Price

Rivian, an electric vehicle (EV) startup, provider of electric SUVs, has announced the closing of its latest investment round of USD 2.65 billion led by T. Rowe Price Associates, Inc. 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.

On raising such a big investment, the Founder and CEO of Rivian, RJ Scaringe stated, “This is a critical year for us as we are launching the R1T, the R1S, and the Amazon commercial delivery vehicles. The support and confidence of our investors enable us to remain focused on these launches while simultaneously scaling our business for our next stage of growth.”

This round is the first investment that the company has raised in 2021 so far. This makes a total investment of USD 8 billion Rivian has raised, since its start in 2019.

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In July 2020, the start-up captured a USD 2.5 billion investment round led by funds and accounts advised by T. Rowe Price Associates, Inc.

“We have been eagerly anticipating the arrival of 2021, and with it, the exhilaration of Rivian starting to deliver its revolutionary products to customers. It is invigorating for us to continue our journey with such a talented, mission-driven team building a robust organization for the long term,” said Joe Fath, T. Rowe Price portfolio manager.

In 2019, Rivian closed an investment round of USD 1.3 billion in December. The financing was 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.

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Additionally, in late September, Rivian developed a custom electric delivery van for Amazon utilizing Rivian’s skateboard platform, and that one lakh of these vans had been ordered with customer deliveries starting in 2021. Also, it raised an investment of USD 350 from Cox Automotive, an Atlanta-based business unit of Cox Enterprises.

Moreover, in the first half of 2019, the company has raised investments of USD 700 million and USD 500 million from Amazon and Ford Motor Company, respectively.

The company’s launch products, the R1T and R1S, provide an unmatched combination of performance, off-road capability, and utility. These vehicles will be produced at Rivian’s manufacturing plant in Normal, Ill., and the customer deliveries are expected to begin in summer 2021.