Investments in Rivian continue to grow

Posted on July 10, 2020

 

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 [email protected]

Blogs

Labor Day – Expanding voting rights for all

By Mike Matejka Because of COVID, there is no Labor Day Parade this year.  It’s always a great event for our everyday workers to march proudly down the street and enjoys the festive crowd. If there had been a parade, this year’s Labor Day theme was to be “150 years of struggle: your right to vote.” …

Is federal mobilization the answer?

By Mike Matejka As President Donald Trump threatens to send federal marshals into Chicago, over the objections of Illinois Governor J.B. Pritzker, recall another Illinois Governor who protested the incursion of armed federal personnel into the city.   Those federal troops, rather than calming, escalated the situation, leading to deaths and violence. Illinois poet Vachel Lindsay…

In these troubled times, to my fellow white Americans

By Mike Matejka Our nation is at a unique watershed in human relations. African-Americans have been killed too many times in the past before George Floyd, but the response to this man’s death is international and all-encompassing. I was a grade-schooler during the Civil Rights 1960s. I watched Birmingham demonstrators hosed and the Selma – Montgomery…

Workers’ Memorial Day – Remember those whose job took their life

Looking around our community, when we say employer, most will respond to State Farm, Country, or Illinois State University.   We too often forget those who are building our roads, serving our food, or our public employees. COVID-19 has made us more aware of the risk.  Going to work every day for some people means…