American electric vehicle startup Rivian secured another $2.65 billion USD in funding during its latest investment round, bringing the total amount of capital it has raised since 2019 to a whopping $8 billion USD.
This latest funding round was led by asset management firm T. Rowe Price Associates Inc. and included major investments from several companies including Fidelity Management and Research, Amazon’s Climate Pledge Fund, Coatue and D1 Capital Partners.
Amazon previously invested $700 million into Rivian in early 2019. Other major backers of the Michigan-based automaker include Ford, which poured $500 million into it in the summer of 2019, and Cox Automotive.
Rivian will launch its R1T electric pickup truck and R1S electric SUV this year. The automaker has also developed a proprietary electric delivery van for Amazon, which will also enter production sometime later 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.”
With strong financial backing and a promising initial product lineup, Rivian is shaping up to be a formidable competitor in the electric vehicle space. The Rivian R1T and R1S will compete directly with future battery-electric offerings from General Motors like the GMC Hummer EV pickup and SUV, while the electric van it has developed for Amazon is similar to the recently announced BrightDrop EV600 delivery van.
The Rivian R1T and R1S will enter production at the company’s plant in Normal, Illinois in a few months, with the first customer deliveries scheduled for this summer. The Amazon van will also be produced at the Illinois plant.
The R1T Launch Edition will be the first variant of the electric pickup to go on sale and will be priced from $75,000 USD. For this price, customers will get a 750-horsepower all-wheel-drive powertrain and a “Large” battery pack with 300+ miles of range. Standard equipment on these models will include underbody skid plates, an onboard air compressor, 20-inch wheels with off-road tires, heated and ventilated seats and open-pore wood interior trim. A less content-rich model will arrive in 2022, which will start at $67,500 USD.
“We have been eagerly anticipating the arrival of 2021, and with it, the exhilaration of Rivian starting to deliver its revolutionary products to customers,” said T. Rowe Price portfolio manager Joe Fath. “It is invigorating for us to continue our journey with such a talented, mission-driven team building a robust organization for the long term.”