IRVINE, Calif., July 10, 2020 /PRNewswire/ -- Rivian has closed
an investment round of $2.5 billion.
The financing was led by funds and accounts advised by T. Rowe
Price Associates, Inc.
"We are excited to continue this journey with Rivian's
innovative and talented team as they now prepare to deliver
their groundbreaking products that help shift to a carbon-neutral
planet," said Joe Fath, portfolio
manager of T. Rowe Price Growth Stock Fund.
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.
"We are focused on the launch of our R1T, R1S and Amazon
delivery vehicles. With all three launches occurring in 2021, our
teams are working hard to ensure our vehicles, supply chain and
production systems are ready for a robust production ramp up. We
are grateful for the strong investor support that helps enable us
to focus on execution of our products," said Rivian Founder and CEO
RJ Scaringe.
No new board seats have been added, and additional details about
this investment are not being disclosed at this time.
The investment announcement is Rivian's first in 2020.
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.
About Rivian
Rivian has developed and vertically
integrated a connected electric platform that can be flexibly
applied to a range of applications including the company's
adventure products as well as B2B products such as the Amazon last
mile delivery vans. The company's launch products, the R1T and R1S,
deliver up to 400+ miles of range and provide an unmatched
combination of performance, off-road capability and utility. These
vehicles use the company's flexible skateboard platform and will be
produced at Rivian's manufacturing plant in Normal, Ill., with customer deliveries
expected to begin in 2021. Learn more about our company and
products at rivian.com.
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SOURCE Rivian