The US electric car manufacturer Rivian has raised 1.3 billion dollars in a new round of financing. The financing round was led by the fund company T. Rowe Price, Blackrock and included previous investors, Amazon and Ford.
In the financing round, which was concluded in 2019, two existing investors, Amazon and Ford, have increased their involvement in Rivian – but the amount of their involvement has not been revealed. “No new board seats have been created and further details of this investment are not currently being disclosed,” Rivian announces.
Amazon already added a $700 million financing round in February 2019, Ford invested $500 million in April and has since been planning further collaborations with the start-up. In September, Cox Automotive had invested another $350 million – but the fourth round in December was the largest of the year.
“This investment demonstrates confidence in our team, products, technology and strategy,” said Rivian founder and CEO RJ Scaringe. “we are extremely excited to have the support from such strong shareholders.” In the communication, Rivian reaffirms its expectation of deliveries to “begin at the end of 2020” for the R1S and R1T to customers.