Investments in Rivian continue to grow

 

The latest investment is the company’s first in 2020 (Photo: Rivian)

 

By Katherine Murphy

NORMAL, IL– Another investment is coming to Rivian – it is the first for 2020.

In a statement from the company, Rivian announced an investment round of $2.5 billion led by funds and accounts advised by T. Rowe Price Associates.

Participants in this investment round include Soros Fund Management LLC, Coatue, Fidelity Management and Research Company, and Baron Capital Group. Existing shareholders Amazon and funds managed by BlackRock also participated.

Rivian Founder and CEO RJ Scaringe says the company is focused on the launch of the R1T, R1S and Amazon delivery vehicles. All three are expected to launch in 2021.

Additional details about this investment haven’t been disclosed at this time.

In 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 future program.

-In September, Cox Automotive announced its $350 million investment in Rivian, complemented by plans to collaborate on logistics and service.

-In late September, Rivian announced it was developing an electric delivery van for Amazon utilizing Rivian’s skateboard platform and that 100,000 of these vans had been ordered with deliveries starting in 2021.

-In December, Rivian closed an investment round of $1.3 billion. 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.

Katherine Murphy can be reached at katherine@wjbc.com

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