EV startup Rivian said to reach $27.6 billion value on new funds

  • Rivian will use the funds raised to launch its debut electric vehicles and expand its business.
The Rivian R1T all-electric truck is pictured at an event. (File photo) (REUTERS)
The Rivian R1T all-electric truck is pictured at an event. (File photo)

Rivian Automotive Inc., the electric-truck startup backed by Amazon.com Inc. and Ford Motor Co., raised $2.65 billion in new funding from a group of investors led by T. Rowe Price Group Inc.

Other investors in the round included Fidelity Investments, Amazon, Pledge Fund, Coatue Management and D1 Capital Partners, as well as several other existing and new investors. The additional funding boosts the total raised to date beyond $8 billion. Bloomberg News first reported the round earlier this month.

Also check these Vehicles

Find more Cars
Mg 4 Ev (HT Auto photo)
UPCOMING
BatteryCapacity Icon64kWh Range Icon350 km
₹ 30 - 32 Lakhs
Alert Me When Launched
Tata Sierra Ev (HT Auto photo)
UPCOMING
BatteryCapacity Icon69 kWh Range Icon420 Km
₹ 25 - 30 Lakhs
Alert Me When Launched
Tata Harrier Ev (HT Auto photo)
UPCOMING
BatteryCapacity Icon50 kWh Range Icon400 Km
₹ 22 - 25 Lakhs
Alert Me When Launched
Honda Elevate Ev (HT Auto photo)
UPCOMING
₹ 18 Lakhs
Alert Me When Launched
Tata Punch Ev (HT Auto photo)
BatteryCapacity Icon35 Kwh Range Icon421 km
₹ 10.99 - 15.49 Lakhs
Compare
View Offers
Mg Comet Ev (HT Auto photo)
BatteryCapacity Icon17.3 kWh Range Icon230 km
₹ 7.98 - 9.98 Lakhs
Compare
View Offers

Rivian did not disclose a valuation, but it was around $27.6 billion taking into account the new funds, according to a person familiar with the matter.

Rivian will use the funds raised to launch its debut electric vehicles and expand its business, R.J. Scaringe, the company’s chief executive officer, said in a statement.

Also Read : Rivian EV buyers can customize orders but the wait could be long

“This is a critical year for us as we are launching the R1T, the R1S and the Amazon commercial delivery vehicles. The support and confidence of our investors enables us to remain focused on these launches while simultaneously scaling our business for our next stage of growth," Scaringe said.

The company is one of a number of EV startups trying to bring new vehicles to market and take on incumbent Tesla Inc., whose shares soared more than 740% last year. It plans to build two full-size battery-powered models -- a sport-utility vehicle and truck -- at a plant in Normal, Illinois, a retooled former Mitsubishi Motors Corp. factory.

Rivian is aiming for US deliveries of its R1T pickup to begin in June and in August for its R1S SUV. It previously planned to start production in late 2020 but pushed back that date in April due to unspecified supply-chain issues related to the pandemic.

Also Read : Lordstown Motors in talks with US government for loan for EV truck factory)

The company faces many rivals and an untested market for electric trucks. Tesla has said deliveries of its Cybertruck could start as soon as the end of 2021, and General Motors Co. will begin production of its EV Hummer pickup this fall. Next year, Ford will electrify its F-150 truck -- the best-selling vehicle in the US over the last four decades.

The startup has said its pickup has a range of more than 300 miles on a single charge and can tow as much as 11,000 pounds. Rivian plans to sell versions with a range greater than 400 miles in the future, along with other models for markets such as China and Europe. It also has an order for 100,000 EV delivery vans from investor Amazon.

Rivian was founded in 2009 by Scaringe, a Massachusetts Institute of Technology graduate with a doctorate in mechanical engineering. It now employes more than 3,000 employees split between sites in California, Michigan and Normal.

Get insights into Upcoming Cars In India, Electric Vehicles, Upcoming Bikes in India and cutting-edge technology transforming the automotive landscape.

First Published Date: 20 Jan 2021, 14:52 PM IST
NEXT ARTICLE BEGINS

Check Latest Offers

Please provide your details to get Personalized Offers

Choose city
+91 | Choose city
Choose city
Select a dealer

Want to get the best price for your existing car?

Powered by: Spinny Logo
By clicking "View Offers" you Agree to our Terms and Privacy Policy
Dear Name

Please verify your mobile number.

+91 | Choose city
Couldn't verify the OTP.
It's either expired or it's incorrect.