Electric ute maker Rivian gets more investment

Rivian will begin deliveries of the R1T ute next year. Photo: Rivian

Rivian, the American EV start-up that plans to launch three vehicles next year, said it secured another US$2.5 billion (NZ$3.8b) in investments led by financier T. Rowe Price Associates.

The company's latest investors include Soros Fund Management LLC, Coatue, Fidelity Management and Research Company and Baron Capital Group. Existing shareholders Amazon and Blackrock increased their investments, Rivian.

“We are excited to continue this journey with Rivian’s innovative and talented team as they now prepare to deliver their ground-breaking products that help shift to a carbon-neutral planet,” said Joe Fath, portfolio manager of T. Rowe Price Growth Stock Fund.

“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,” said Rivian Founder and CEO RJ Scaringe.

Rivian is also making an electric SUV, the R1S. Photo: Rivian

No new board seats have been added, and additional details about this investment are not being disclosed at this time.

The investment announcement is Rivian’s first in 2020. In February 2019, Rivian announced a US$700m funding led by Amazon, with Ford investing US$500m in April. September last year, Cox Automotive announced its US$350 million investment in Rivian, complemented by plans to collaborate on logistics and service.

In late September, Rivian announced it was developing an electric delivery van for Amazon.

Rivian has developed and vertically integrated a connected electric platform that can be flexibly applied to a range of applications including the company’s adventure products as well as B2B products such as the Amazon last mile delivery vans.

The company’s launch products, the R1T ute and R1S SUV, deliver up to 640km of range 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, Illinois with customer deliveries expected to begin in 2021. 

Rivian has a manufacturing plant in Illinois. Photo: Rivian