Rivian is gearing up for launch of its R1T pickup truck and R1S crossover. The electric offerings should be coming within a year, and the company is going to need to spend some cash to make it a success. Cash, however, isn’t a problem for Rivian because it has managed to secure another round of funding.
Totaling $2.65 billion, Rivian completed another investment round advised by T. Rowe Price. The round also included Fidelity Management, Amazon’s Climate Pledge Fund, Coatue, and D1 Capital Partners. Other current and new investors also pitched in.
“This is a critical year for us as we are launching the R1T, the R1S and the Amazon commercial delivery vehicles. The support and confidence of our investors enables us to remain focused on these launches while simultaneously scaling our business for our next stage of growth,” said Rivian Founder and CEO RJ Scaringe.
Rivian points out that this is its first investment announcement of 2021, and considering we’re just 19 days into the year that’s a pretty significant deal. Since it started raising money in 2019, the company has raised $8 billion.
Prior to its splash at the Los Angeles Auto Show, it was “just another EV startup.” With cash and support from Amazon, Ford, and other investors, the pedal has been to the proverbial metal and we’re nearing seeing products out on the road and in customers hands.
Do you have your preorder in yet?