Rivian announces $2.65 billion investment round

Posted on January 19, 2021
Rivian will produce its R1T pickup and R1S SUV at its manufacturing plant in Normal. (Twitter/Rivian)

 

By Neil Doyle

NORMAL – Electric automaker Rivian has closed an investment round of $2.65 billion led by T. Rowe Price Associates, Inc., according to a news release Monday.

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.

“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 enables us to remain focused on these launches while simultaneously scaling our business for our next stage of growth,” said Rivian Founder and CEO RJ Scaringe.

The investment announcement is Rivian’s first in 2021 and the company has now raised $8 billion since the start of 2019.

Rivian will produce its R1T pickup and R1S SUV at its manufacturing plant in Normal. Production is expected to begin this summer.

Neil Doyle can be reached at [email protected]

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