05/03/2022
๐ฅ๐ถ๐๐ถ๐ฎ๐ป ๐ฅ๐ฎ๐ถ๐๐ฒ๐ ๐๐ป๐ผ๐๐ต๐ฒ๐ฟ $๐ญ.๐ฏ ๐๐ถ๐น๐น๐ถ๐ผ๐ป
Electric vehicle startup Rivian has scored another $1.3 billion in funding to end the year on a high note, according to a statement released by the company this morning.
This is the fourth round of investment for the Plymouth, Michigan-based company in 2019, following prior announcements of $700 million led by Amazon, 0 million from Ford, and 0 million from Cox Automotive.
In addition to these investments, in late September, Rivian announced it was collaborating with Amazon on the development of an electric delivery van utilizing Rivianโs โskateboardโ (a chassis that bundles electric motor, batteries, and controls and can accommodate a variety of body styles) platform technology and that 100,000 of these vans had been ordered, with deliveries starting in 2021. And Ford announced plans to collaborate on new electric vehicle technology as well.
Though details are scarce, the capital round was led by fund manager T. Rowe Price and included existing backers Amazon and Ford. It positions the company as one of the better-financed players in a crowded EV manufacturing market behind only Tesla, the most established player. Unfortunately, Rivian isnโt sharing further details on the specific funds involved in the investment at this time.