Rivian secures USD 2.65 billion months before its first vehicle launch

By Akshay Kedari  | Date: 2021-01-21

Rivian secures USD 2.65 billion months before its first vehicle launch

Electric vehicle startup, Rivian, backed by Ford Motor Co. and Amazon.com Inc., has reportedly announced an investment round of USD 2.65 billion led by T. Rowe Price, months before its first vehicle launch.

Sources with knowledge of the matter stated that the company’s valuation increased to USD 27.6 billion after this latest investment. Previously, Rivian had raised a total of USD 8 billion in 2019.

CEO R.J. Scaringe, reportedly stated that 2021 is likely to be of great significance for the company as they are launching the Amazon commercial delivery vehicles, along with R1S (SUV), and R1T (pickup).

Rivian is planning to begin delivery of these SUVs in August 2021, whereas those of pickups would start ahead in June. Launch editions of the vehicles are priced at USD 77,500 and USD 75,000, respectively, with a 300-mile (480 km) driving range for both vehicles.

Sources confirmed that Rivian had received an order of 100,00 electric vans from Amazon. The production of these vans will go live at the company’s factory in Normal, Illinois, in late 2021, with all deliveries to be fulfilled by 2024.

The funding round also included participation from D1 Capital Partners, Coatue, Amazon’s Climate pledge Fund, Fidelity Management, and Research Company, as well as various other existing and new investors.

Last July, T. Rowe Price had made headlines by funding USD 2.5 billion into the startup. Other previous investors in Rivian are Saudi auto distributor Abdul Latif Jameel Co. (ALJ), BlackRock, and Soros Fund Management.

As the company charts into the untested market for electric trucks, several competitors are lining up. In this regard, the EV giant, Tesla, reportedly stated that its Cybertruck deliveries could start as soon as the end of 2021, whereas General Motors Co. will start manufacturing its EV Hummer pick up this fall, sources cited.

Source Credit –

https://www.reuters.com/article/us-rivian-funding/electric-vehicle-startup-rivian-adds-2-65-billion-investment-led-by-t-rowe-price-idUSKBN29O1WJ

 

 

About Author

Akshay Kedari     aeresearch.net

Akshay Kedari

A qualified computer engineering graduate, Akshay Kedari takes pride in having his way with words. Following his passion for content creation, he writes insightful pieces on aeresearch.net and a few other portals. Also endorsed with a short-term experience in web deve...

Read More >>

More News By Akshay Kedari

Google Fi confirms data breach, leaking millions of customer’s data

Google Fi confirms data breach, leaking millions of customer’s data

By Akshay Kedari

Google Fi, Google's cell network operator, has reportedly revealed a data breach, which is most likely related to the T-recent Mobile's security disaster, which allowed hackers to leak millions of customers' personal information. The p...

European semiconductor giant ASML forecasts a sales surge for 2023

European semiconductor giant ASML forecasts a sales surge for 2023

By Akshay Kedari

Dutch semiconductor company ASML has reportedly forecast a revenue jump for the year 2023 as the global semiconductor industry anticipates a reacceleration of growth during the second half of this year. According to the firm, its net sales  f...

Interfor Corporation acquires 100% equity interest in Chaleur Forest Products

Interfor Corporation acquires 100% equity interest in Chaleur Forest Products

By Akshay Kedari

Following this funding, Interfor's long-term debt will hold a weighted average interest of 5.30% Interfor registered a Net Debt to the Invested Capital ratio of nearly 10% as of October 31, 2022 Interfor Corporation, one of the world...

ESR's ARA and Export-Import Bank of China partner in a deal worth US$1B

ESR's ARA and Export-Import Bank of China partner in a deal worth US$1B

By Akshay Kedari

Leading real estate services and investment company, ESR Group Limited, has recently announced that its exclusively-owned subsidiary, ARA and the Export-Import Bank of China have inked a breakthrough collaboration in a deal worth USD 1 billion infras...

Circularise nabs $11M to bring circular economy to industrial supply chains

Circularise nabs $11M to bring circular economy to industrial supply chains

By Akshay Kedari

Leading software platform, Circularise recently announced that it has raised $11.3 million (€11 million) in funding as part of its Series A round in a bid to advance its mission to bring a circular economy to industrial supply chains. The fun...