Rivian R1S electric SUV
Rivian, the electric vehicle startup backed by Amazon and Ford Motor, said Tuesday it was closed a $ 2.65 billion investment round led by the T. Rowe Price Fund as the company gets closer to the production of an all-electric pickup and SUV.
The company has raised approximately $ 8 billion since 2019. Rivian completed a $ 2.5 billion investment round last year, also led by T. Rowe Price. a $ 1.3 billion financing round in December 2019; and had previously raised at least $ 1.5 billion.
According to the company, Fidelity, the Climate Pledge Fund from Amazon, Coatue and D1 Capital Partners, as well as several other existing and new investors, were also participants in the round. Rivian’s post-money valuation is now $ 27.6 billion, according to a person familiar with the company.
Rivian is set to be among the first, if not the first, to launch an all-electric pickup truck this summer.
While it is an unproven market for consumers, electric pickups are expected to be a highly competitive segment. General Motors, Tesla, and start-up automakers like Lordstown Motors are expected to launch electric pickups as early as this year. Ford Motor plans to launch an electric version of its F-150 pickup truck by the middle of next year.
Rivian has developed and vertically integrated an attached electrical platform that can be used for a range of vehicles including the R1T pickup truck, an SUV called the R1S, and delivery trucks.
Amazon has pre-ordered 100,000 vans from Rivian, which are expected to be fully shipped by 2024. Delivery of the vans and the SUV is expected to begin at the end of this year.
Rivian is taking pre-orders for its all-electric pickup and SUV that include refundable deposits of $ 1,000.