Auto tech start-up Rivian raises $1.3 billion in funding for its electric utility vehicles
Rivian’s new round includes participation from Amazon and Ford Motor Company, along with funds advised by T Rowe Price Associates and BlackRock
American automotive technology start-up Rivian has raised $1.3bn (£1bn, €1.2bn) in new funding, making it the fourth round of capital announced by the company in 2019 alone.
Prior funding announcements include $700m led by Amazon, $500m from Ford (which includes a collaboration on electric vehicle technology) and $350m from Cox Automotive.
Rivian aims to bring fully electric vehicles to market, including the R1T pickup truck and the R1S sport utility vehicle at the end of next year. It is also working with Amazon on all-electric delivery vans, of which the commerce giant has ordered 100,000, with a target of starting deliveries in 2021.
Rivian’s new round includes participation from Amazon and Ford Motor Company, along with funds advised by T Rowe Price Associates and BlackRock, the company said.
The firm is not adding any new board seats attached to this funding, and is not disclosing any further details on the specific funds involved in the investment at this time.
The company, founded in 2009, has R&D facilities in a number of cities globally. It debuted its pickup and SUV at the LA Auto Show last November, and the vehicles will launch with higher-end trim levels first, including up to 410 miles of range on a single charge.
Base prices for the R1T pickup start at $69,000 before any tax credits are applied, while the R1S SUV starts at $72,500. Rivian has been taking pre-order reservations, available with a $1,000 deposit.
FURTHER READING: Chinese auto-executives hope for rebound in electric vehicle market
FURTHER READING: Porsche Taycan electric sports car tops 30,000 pre-orders