Electric Vehicle Developer Rivian Obtains $1.3B Investment Funding

Rivian, a Plymouth-based developer of electric vehicles, has closed on an investment round of $1.3 billion led by funds and accounts advised by T. Rowe Price Associates Inc., Amazon, Ford Motor Co., and funds managed by BlackRock. The investment pledge is Rivian’s fourth this year.
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Rivian's R1T truck
Rivian has closed an investment round of $1.3 billion. Pictured is the company’s R1T truck. // Photo courtesy of Rivian

Rivian, a Plymouth-based developer of electric vehicles, has closed on an investment round of $1.3 billion led by funds and accounts advised by T. Rowe Price Associates Inc., Amazon, Ford Motor Co., and funds managed by BlackRock. The investment pledge is Rivian’s fourth this year.

“This investment demonstrates confidence in our team, products, technology, and strategy,” says RJ Scaringe, founder and CEO of Rivian. “We are extremely excited to have the support from such strong shareholders.”

Rivian’s launch products, the R1T and R1S, deliver up to more than 400 miles of range and offer off-road capabilities. The vehicles use the company’s skateboard platform and will be produced at Rivian’s manufacturing plant in Illinois. Customer deliveries are expected to begin at the end of 2020.

The investment announced today follows a series of funding commitments to Rivian’s this year. In February, the company received $700 million in funding led by Amazon; and in April, Ford invested $500 million in Rivian and announced plans to collaborate on a vehicle project using Rivian’s skateboard platform.

In September, Cox Automotive invested $350 million in Rivian as well as plans to collaborate on logistics and service. Later that month, Rivian announced a collaboration with Amazon on the development of an electric delivery van. Amazon committed to ordering 100,000 of these vans, and deliveries are expected to begin in 2021.

The company has development centers in Plymouth, California, Canada, and England. Its manufacturing plant in Illinois encompasses 2.6 million square feet, and Rivian plans to launch its products in other parts of the world in 2021. It is accepting preorders.

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