Rivian raises another $2.65 billion as electric truck launch nears
Electric vehicle startup Rivian has raised another $2.65 billion as it builds momentum toward this year's launch of its first pickup truck, SUV and Amazon delivery vehicles.
Why it matters: Rivian continues to attract big money from private investors, even as other startups take advantage of Wall Street enthusiasm for EVs by going public through a series of mergers with special purpose acquisition companies.
- Rivian has now raised $8 billion since the start of 2019, and is valued at an estimated $27.6 billion, according to sources familiar with the transaction.
Details: Aside from funds and accounts advised by T. Rowe Price, the latest round also included Fidelity Management and Research Company, Amazon’s Climate Pledge Fund, Coatue and D1 Capital Partners as well as several other existing and new investors.
What they're saying: “This is a critical year for us as we are launching the R1T, the R1S and the Amazon commercial delivery vehicles," Rivian Founder and CEO RJ Scaringe said in a statement
- "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."
What to watch: Rivian is on track to being production by mid-year at a refurbished Mitsubishi factory in Normal, Ill.
- It will build the R1T pickup and R1S SUV under its own brand name, and begin production of electric delivery vans for Amazon.
- Amazon expects to deploy 10,000 of the vans by 2022, and 100,000 by 2030.