Electric vehicle (EV) startup Rivian just announced that it has raised $2.65 billion in its latest funding round led by funds and accounts advised by T. Rowe Price Associates, Inc. Fidelity Management and Research Company, Amazon’s Climate Pledge Fund, Coatue, D1 Capital Partners, and other existing and new investors were also included.
The investment round brings Rivian’s total raised since 2019 to around $8 billion. As CNBC reports, a person familiar with the company says that it is currently valued at $27.6 billion.
“We have been eagerly anticipating the arrival of 2021, and with it, the exhilaration of Rivian starting to deliver its revolutionary products to customers,” noted Joe Fath, T. Rowe Price portfolio manager. “It is invigorating for us to continue our journey with such a talented, mission-driven team building a robust organization for the long term.”
The news of the haul comes just months before Rivian plans to launch production on its all-electric pickup R1T this summer – potentially becoming the first to hit the market – and R1S all-electric SUV shortly after. Fellow automakers Tesla, General Motors, and EV startup Lordstown all have their own EV pickups in the works and are also vying to get their vehicles out as soon as this year.
“This is a critical year for us as we are launching the R1T, the R1S, and the Amazon commercial delivery vehicles,” said Rivian Founder and CEO RJ Scaringe. “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.”
The Plymouth, Michigan-based company has had an impressive run in the past few years. As TechCrunch reports, not long after Rivian revealed its electric SUV and pickup truck at the 2018 LA Auto Show, the automaker announced a $700 million Amazon-led funding round and several other investments including $500 million from Ford and $350 million from Cox Automotive.
Rivian wrapped up 2019 with a $1.3 billion T. Rowe Price-led funding round announcement. The company continued the momentum through 2020 with the July report of a $2.5 billion round led again by T. Rowe Price Associates Inc. along with new investors Soros Fund Management LLC, Coatue, Fidelity Management and Research Company, and Baron Capital Group, according to TechCrunch.
All of Rivian’s EVs, including the Amazon delivery vans, will be produced at the company’s 3.5 million-square-foot manufacturing plant in Normal, Illinois. The vehicles can all utilize the same innovative electric “skateboard” platform developed by the company.
The more than $1 billion factory was once the production site for the Mitsubishi Eclipse and represented a joint venture between Mitsubishi and Chrysler Corporation, according to TechCrunch. The factory has undergone a total revamp and expansion, and while the factory is not yet completed, Rivian says construction remains on schedule.