As reported by The Next Avenue earlier this week, Rivian announced Friday that it had closed a $2.5 billion funding round. The investment brings the electric car manufacturer to an impressive $5.3 billion investment total since early 2019. Quite a large accomplishment for a company that has yet to deliver a single vehicle.
Rivian’s list of large investments started in February 2019 with Amazon, who invested $700 million. Amazon CEO Jeff Bezos said the company has placed an order for 100,000 electric delivery vans from the Michigan-based startup.
Just a few months later, Ford announced a $500 million investment. The company’s plan was to produce a new electric vehicles for its Lincoln luxury division but was soon dissolved due to the hardships of the Coronavirus pandemic. However, there is still hope for the two companies to partner on a different project.
Rivian’s most recent funding round closed in December 2019. A $1.3 billion investment led by T. Rowe Price Associates, Inc. that includes existing investors Amazon and Ford.
It has been 10 years since the startup originated with plans to develop an electric luxury coup. With obstacles that have risen due to the global pandemic, Rivian has already announced some delays. The company announced it has plans to move its development teams to California instead of splitting the workforce between there and Michigan. The R1T and R1S were originally to be produced at the company’s factory in Normal, Illinois later this year, but that date has now been pushed to 2021.