Rivian, a Plymouth, Mich.-based electric car maker, closed an investment round of $1.3 billion.
The round was led by funds and accounts advised by T. Rowe Price Associates, Inc., with participation from Amazon, Ford Motor Company and funds managed by BlackRock.
The investment announcement is Rivian’s fourth of 2019. It follows
- a $700m funding round led by Amazon;
- an $500m investment from Ford Motor Company; and
- a $350m investment from Cox Automotive.
In addition, the company announced it was collaborating with Amazon on the development of an electric delivery van utilizing its platform technology and that 100,000 of these vans had been ordered with deliveries starting in 2021.
Rivian is advancing the R1T and R1S, which deliver up to 400+ miles of range and provide a combination of performance, off-road capability and utility. These vehicles, which use the company’s flexible skateboard platform, will be produced at Rivian’s manufacturing plant in Normal, Ill., with customer deliveries expected to begin at the end of 2020.
Led by Founder and CEO RJ Scaringe, Rivian has development centers in Plymouth, Mich.; San Jose, Calif.; Irvine, Calif; Vancouver, Canada, and Surrey, England; along with a 2.6-million-square-foot manufacturing plant in Normal, Ill.
Introduction to other global geographies will start in 2021.