Rivian has closed an investment round of $2.5 billion. Participants in this investment round include Soros Fund Management LLC, Fidelity Management and Research Company, and Baron Capital Group. Existing shareholders Amazon and funds managed by BlackRock also participated.
The financing was led by funds and accounts advised by T. Rowe Price Associates, Inc.
The investment announcement is Rivian’s first in 2020.
RJ Scaringe, Rivian Founder and CEO, says: “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.”
“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,” adds Joe Fath, portfolio manager of T. Rowe Price Growth Stock Fund.
Founded in 2009, the company develops vehicles, products and services related to sustainable transportation.
In February 2019, it announced a $700 million funding round led by Amazon. In April 2019, it announced that Ford Motor Company invested $500 million and that the companies would collaborate on a future program.