EV Startup Rivian raises $1.3 billion in new funding

Rivian Automotive, an electric truck maker backed by Amazon and Ford Motor Co., has raised another $1.3 billion from the investors led by T.Rowe Price ( mutual fund company) to supports its battery-powered pickup trucks and delivery vans on track for a U.S launch in late 2020.

This will help the startup to handle huge delivery orders which starts in 2021. Rivian is planning to launch its $69,000 R1T pickup truck and $72,500 R1S sport utility vehicle (SUV) in global geographies outside the U.S. starting in 2021.

About Rivian

Rivian is an American automaker and automotive technology company founded in 2009. It develops vehicles, products and services related to sustainable transportation. It has a facility in Plymouth, Michigan, Normal, Illinois; San Jose and Irvine, California; and the United Kingdom.

EV Startup Rivian raises $1.3 billion

This funding is the fourth and largest investment made in the company this year. The company’s investors were Amazon and Ford Motor, they also took part in the latest round.

The funding brings the confidence to Rivian and expects to start delivering a truck and a sport utility vehicle next year. R.J. Scaringe, Rivian’s founder and chief executive, said in a news release that “This investment demonstrates confidence in our team, products, technology and strategy-we are extremely excited to have the support from such strong shareholders.”

T. Rowe Price Growth Stock Fund Portfolio Manager Joe Fath said, “T.Rowe Price is excited to invest in Rivian as it moves the innovation frontier forward with its compelling sustainable transport solutions for both consumers and businesses.”

Few of the investors of Rivian are also its future customers. Amazon has ordered 100,000 electric last-mile delivery vans from the company. Whereas Ford is planning to use its skateboard for a new battery electric vehicle.

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