The hugely successful investment round was pushed forward with the help of Amazon, T. Rowe Price, and Ford.
Plymouth-based startup Rivian just went through the fourth round of fundraising for its electrical vehicle project. Rivian has become one of the best-financed companies jumping into the crowded electric vehicle market. Right now, Tesla is the industry leader and by far the most established company for electric vehicles.
Electric vehicles only make up a tiny portion of the global auto industry. However, most major car manufacturers are in the process of researching and creating new electric-powered models. In total, they are investing billions into the electric car sector. Rivian is planning to use the investments it’s been given to create a new completely electric pickup truck. The truck will be called the R1T, and an R1T SUV is planned for release by the end of 2020.
Many large companies are taking notice and putting their foot in the electric vehicle industry. Amazon helped Rivian with the company’s successful $700 million investment round in February. Amazon has also pre-ordered over 100,000 electric cars for delivery from Rivian, but has declined to provide any comment on the matter. Amazon will start producing its first vehicles in 2021.
Before this most recent round of investments, Rivian had already raised over $2.2 billion. The company is currently valued at over $5 billion, but an exact figure is not yet clear.