Electric vehicle startup Rivian said on Monday it closed a $1.3 billion investment round led by fund manager T. Rowe Price, which also included investors like online retailer Amazon and No. 2 US automaker Ford.
The investment is the fourth for Rivan this year, strengthening the Michigan-based company’s position in a crowded EV manufacturing market where Tesla is the most established player.
Founded in 2009, Rivian plans to build an all-electric pickup truck, the R1T, and the companion R1S SUV, starting in late 2020. Both models are based on a Rivian-designed “skateboard,” a chassis that bundles electric motor, batteries and controls and can accommodate a variety of body styles.
Prior to Monday’s announcement, Rivian had raised $2.2 billion from investors, according to investor website PitchBook, and was valued at an estimated $5 billion to $7 billion. The company said that no new board seats were added after the latest investment.
Rivan, however, is not the only bet in T. Rowe Price’s portfolio. The company is a large Tesla shareholder and has invested in GM’s majority-owned Cruise self-driving division. T. Rowe Price, along with Amazon, has also financially backed self-driving car software startup Aurora and British online food delivery company Deliveroo.
Amazon led a $700 million investment round in Rivian in February. The e-commerce giant also ordered 100,000 electric delivery vehicles from Rivian – and the first Amazon vans are expected to be built at a former Mitsubishi plant in Normal, Illinois, starting in 2021.
Ford invested $500 million in Rivian in April and plans to help it begin production in Normal in 2020.
In November, sources told Reuters a battery-powered Lincoln SUV, due in mid-2022, would be the first Ford vehicle to be built on the Rivian skateboard.
Sourse: sputniknews.com
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