Tesla rival Rivian doubles funding in $2.5bn deal
Electric truck designer Rivian has closed an investment round of $2.5bn, its largest so far, bringing its total backing to $5.6bn.
The company, which has a design centre in the UK, is seen as the major rival to Tesla in the electric vehicle market. It plans to launch its first three new electric platforms next year including a truck, the R1Tm, and an SUV, the R1S. These use the same ‘skateboard’ chassis that includes a 135KWh to 180KWh battery pack built with 21700 form factor cylindrical cells. The cell supplier has not been confirmed.
The funding came from Soros Fund Management, Coatue, Fidelity Management and Research Company and the 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.
In February last year, Rivian announced a $700 million funding round led by Amazon. An electric Amazon delivery vehicle is set to be launched next year based on the Rivian ‘skateboard’ platform with 100,000 vans shipping . That was followed by a $500m investment from Ford in a strategic collaboration. In September, Cox Automotive announced its $350 million investment in Rivian, complemented by plans to collaborate on logistics and service.
In December, Rivian closed an investment round of $1.3 billion from T. Rowe Price Associates, Amazon, Ford and funds managed by BlackRock.
“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.
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