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Rivian raises another $2.65 billion in funding as EV nears June launch

Robert Channick, Chicago Tribune on

Published in Automotive News

Rivian announced another $2.65 billion in funding Tuesday, as the electric truck manufacturer gears up for its June launch.

The latest investment round, led by T. Rowe Price, brings the total to $8 billion raised by Plymouth, Mich.-based Rivian since 2019, an upfront bet that the startup company will find a broad market for its electric truck, SUV and commercial vehicles.

Amazon, which has ordered 100,000 custom delivery vans from Rivian, is among the existing investors participating in the new funding round.

“This is a critical year for us as we are launching the R1T, the R1S and the Amazon commercial delivery vehicles,” Rivian CEO and founder RJ Scaringe said in a news release. “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.”

Rivian, which is building out its factory in Normal, Ill., began taking orders on its inaugural models in November, with deliveries expected to start in June. The launch package starts at $75,000 for the truck and $77,500 for the SUV, offset by a $7,500 federal tax credit for electric vehicles.

In October, Amazon unveiled a prototype of a boxy, high-tech electric delivery van being built by Rivian, which is slated to begin making deliveries this year. Amazon expects to have 10,000 of the vans on the road worldwide by 2022, ramping up to the full 100,000 order by 2030.

 

Amazon initially invested $440 million in Rivian in February 2019, and has participated in multiple investment rounds since then, Rivian spokeswoman Amy Mast said. She declined to disclose the total amount invested by Amazon.

T. Rowe Price previously led a $2.5 billion investment round in July. Other investors since 2019 have included Ford and Cox Automotive.

Founded 10 years ago, Rivian has about 650 employees in Normal and about 3,500 overall, including its offices in Michigan and California, Mast said.

The plant is expected to have about 1,000 workers when production begins.

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