Rivian, the electric vehicle startup based out of Plymouth, Michigan has announced that it has raised $1.3 billion in a new financing round. T. Rowe Price is leading the latest round with participation from existing investors online retailer Amazon.com Inc and No. 2 U.S. automaker Ford and BlackRock. Interestingly, this is the 4th time the firm has raised funds in 2019. The other three investments have come from Amazon which infused $700, $500 Million from Ford and $350 Million from Cox Automotive.
Robert J. Scaringe had founded the firm in 2009, the firm wants to make an all-electric pickup truck, the R1T, and the companion R1S SUV in order to give a fight to the likes of Tesla. J. Scaringe, the CEO of the firm through a statement said, "This investment demonstrates confidence in our team, products, technology, and strategy. Electric vehicles still make up only a small piece of the global automotive market. While Tesla is the best-known maker, China, and Europe are pushing automakers to roll out EVs, and Ford, General Motors Co, and others have announced plans to spend billions of dollars developing the vehicles.”
Joe Fath, T. Rowe Price Growth Stock Fund Portfolio Manager said that "T. Rowe Price is excited to invest in Rivian as it moves the innovation frontier forward with its compelling sustainable transport solutions for both consumers and businesses,"
Amazon, one of the backers of the firm has already ordered 100,000 electric delivery vehicles from the firm. Rivian is building a plant for the same in Normal, Illinois. The fresh funds will surely assist the firm get things up and running quickly.
Image Courtesy : rivian