Rivian Closes Massive $2.5 Billion Investment

When looking at all the current EV startups, Rivian is definitely one to keep an eye on. Although production of the R1T and R1S has yet to start, Rivian is no stranger to major investments. The company recently secured a new massive investment of $2.5 billion led by T. Rowe Price. With a $500 million investment from Ford, $700 million from Amazon, and $350 million from Cox Automotive, Rivian raised $2.85 billion just in 2019. 

Rivian stayed in the shadows while planning their all-electric pickup truck and a three-row SUV, which are expected to hit the market next year. However, in lieu of recent events the company has become more mainstream making it clear that the obstacle of funding is not an issue.

Along with the multitude of investments, the company also owns a former automotive plant and what seems to be production-ready working prototypes.

Although big names are gearing up to release their pickups, such as the Tesla Cybertruck and the Nikola Badger fuel-cell and electric pickup, Rivian CEO RJ Scaringe assured that the automaker has no immediate plans to go public. Scaringe told CNBC “We’re focused on making sure that we deliver. We really value active humility and letting our actions speak louder than our words.”

Scaringe added “We’re in a position where we’re well-capitalized to launch the products but we are rapidly expanding and growing and accelerating some of our future products. We’re seeing demand being significantly higher than what we initially anticipated, which is leading us to capacitive for higher levels of volume.”

With competition at an all time high, this newest round of funding should help the electric vehicle maker get the ball rolling to deliver sustainable and fun vehicles to the world’s adventurous people.

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