Rivian Announces $1.3 Billion Investment by T. Rowe Price

eltrkadvntrr

Member
Joined
Nov 21, 2019
Messages
8
Reaction score
12
Location
Out and About
Vehicles
Rice Burner
Here is yet another big sign that Rivian is here to stay!

Rivian press release:

Rivian announces $1.3 billion funding round led by T. Rowe Price

Rivian_R1T-Blue.jpg


December 23 — Rivian has closed an investment round of $1.3 billion. The financing was led by funds and accounts advised by T. Rowe Price Associates, Inc.

Amazon, Ford Motor Company and funds managed by BlackRock also participated in the round.

“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.

The investment announcement is Rivian’s fourth of 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.

Starting with a clean sheet, Rivian has developed its vehicles with adventurers at the core of every design and engineering decision. The company’s launch products, the R1T and R1S, deliver up to 400+ miles of range and provide an unmatched combination of performance, off-road capability and utility. These vehicles use the company’s flexible skateboard platform and will be produced at Rivian’s manufacturing plant in Normal, Ill., with customer deliveries expected to begin at the end of 2020.

No new board seats have been added, and additional details about this investment are not being disclosed at this time.
 
Last edited by a moderator:

Administrator

Administrator
Joined
Nov 26, 2018
Messages
92
Reaction score
123
Location
Rivianforums.com
Vehicles
Rivian
1.3B is no joke! Shows some serious commitment and trust in Rivian's products and business model by these companies.

Here's an article from Automotive News on the this new investment round:

https://www.autonews.com/automakers-suppliers/rivian-scores-13-billion-investment-trowe-price-others

Rivian scores $1.3 billion investment from T.Rowe Price, others

December 23, 2019

Electric vehicle startup Rivian said on Monday it closed a $1.3 billion investment round, led by fund manager T. Rowe Price but also including existing investors online retailer Amazon.com Inc and Ford Motor Co.

The investment round, which also included BlackRock Inc., is the fourth this year for Rivian and positions the Plymouth, Mich.,-based company as one of the better-financed players in a crowded EV manufacturing market where Tesla Inc. is the most established player.

"This investment demonstrates confidence in our team, products, technology and strategy," Rivian CEO R.J. Scaringe said in a statement.

Electric vehicles still make up only a small piece of the global automotive market. While Tesla is the best-known maker, China and Europe are pushing automakers to roll out EVs, and Ford, General Motors and others have announced plans to spend billions of dollars developing the vehicles.

Founded in 2009, Rivian plans to build an all-electric pickup truck, the R1T, and the companion R1S SUV, starting in late 2020. Both models are based on a Rivian-designed "skateboard," a chassis that bundles electric motor, batteries and controls and can accommodate a variety of body styles.

Prior to Monday's announcement, Rivian had raised $2.2 billion from investors, according to investor website PitchBook, and was valued at an estimated $5 billion to $7 billion.

Rivian said on Monday no new board seats were added as a result of the latest investment.

T. Rowe Price has placed other bets in the auto sector. It is a large Tesla shareholder and also has invested in GM's majority-owned Cruise self-driving division. T. Rowe Price also invested, along with Amazon, in self-driving car software startup Aurora and British online food delivery company Deliveroo.

Amazon, which has relationships and deals across the auto industry, led a $700 million investment round in Rivian in February. The e-commerce giant also ordered 100,000 electric delivery vehicles from Rivian. The first Amazon vans will be built at a former Mitsubishi plant in Normal, Illinois, starting in 2021.

Ford invested $500 million in Rivian in April and plans to help it begin production in Normal in 2020.

"We want to maintain a meaningful value in the ownership and future of that company," Ford spokesman T.R. Reid said of Rivian.

In November, sources told Reuters a battery-powered Lincoln SUV, due in mid-2022, would be the first Ford vehicle to be built on the Rivian skateboard.

Cox Automotive Inc., owner of the Autotrader online automobile market and Kelley Blue Book car valuation service, invested $350 million in Rivian in September.
 
Top