Rivian, an American automaker, and automotive technology company has closed an investment round of $1.3 billion. The financing was led by funds and accounts advised by T. Rowe Price Associates Inc., Amazon, Ford Motor Company and funds managed by BlackRock also participated in the round. The company was founded by Robert “RJ” Scaringe in 2009.
Earlier, it had raised $700 million led by Amazon & $500 million led by Ford Motor Company. In September, Cox Automotive announced its $350 million investment in Rivian, complemented by plans to collaborate on logistics and service.
Rivian Founder and CEO RJ Scaringe, said, “This investment demonstrates confidence in our team, products, technology and strategy – we are extremely excited to have the support from such strong shareholders.”
Rivian has developed its electric vehicles with adventurers at the core of every design and engineering decision. The company’s launch products, the R1T and R1S, deliver up to 400+ miles of range with full charging and provide an unmatched combination of performance, off-road capability, and utility. These vehicles use the company’s flexible skateboard platform and will be produced at Rivian’s manufacturing plant in Normal, Ill., with customer deliveries expected to begin at the end of 2020.
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