Rivian is an American luxury electric vehicle startup. The company is planning to produce two products initially, a pickup truck and a sport utility vehicle targeting the high-end of the luxury vehicle market. In addition, the company hopes to leverage its electric vehicle platform for other vehicles, including commercial delivery vehicles. Investors have been pouring billions into Rivian over the past year.
The most recent round of funding was led by funds and accounts advised by T. Rowe Price Associates, Inc. Amazon, Ford Motor Company, and funds managed by BlackRock also participated. These investors are pouring $1.3 billion into the company. “This investment demonstrates confidence in our team, products, technology and strategy – we are extremely excited to have the support from such strong shareholders,” said Rivian Founder and CEO RJ Scaringe. T. Rowe Price Growth Stock Fund Portfolio Manager Joe Fath said in a statement, “T. Rowe Price is excited to invest in Rivian as it moves the innovation frontier forward with its compelling sustainable transport solutions for both consumers and businesses."
Just a few months ago in the fall, Rivian announced an equity investment of $350 million from global automotive services company Cox Automotive. Cox Automotive is a subsidiary of Cox Enterprises, the home of nearly 30 automotive brands, including Autotrader, Kelley Blue Book, Pivet, RideKleen and Manheim. “With the electrification of vehicles set to play a significant role in the new mobility future, this partnership opens another channel of discovery and learning for Cox Automotive,” said Joe George, president of Cox Automotive Mobility Group. “Advancements in battery technology and the electrification of fleets are two of our primary focus areas, and we believe this relationship will prove to be mutually beneficial.”
In April of this year, it was Ford who made headlines when it partnered with Rivian. That equity investment was valued at $500 million. Ford and Rivian have agreed to work together to develop an all-new, next-generation battery electric vehicle for Ford’s growing EV portfolio using Rivian’s skateboard platform.
Perhaps the most interesting of the funding announcements was Amazon's $700 million investment in February. “This investment is an important milestone for Rivian and the shift to sustainable mobility,” said RJ Scaringe, Rivian Founder and CEO. “Beyond simply eliminating compromises that exist around performance, capability and efficiency, we are working to drive innovation across the entire customer experience. Delivering on this vision requires the right partners, and we are excited to have Amazon with us on our journey to create products, technology and experiences that reset expectations of what is possible.”
Rivian is partnering with and receiving massive funding from the top names in mobility on Earth. What will 2020's biggest Rivian headline be? Tell us your prediction in the comments below.
John Goreham is a life-long car nut and recovering engineer. John's focus areas are technology, safety, and green vehicles. In the 1990s, he was part of a team that built a solar-electric vehicle from scratch. His was the role of battery thermal control designer. For 20 years he applied his engineering and sales talents in the high tech world and published numerous articles in technical journals such as Chemical Processing Magazine. In 2008 he retired from that career and dedicated himself to chasing his dream of being an auto writer. In addition to Torque News, John's work has appeared in print in dozens of American newspapers and he provides reviews to many vehicle shopping sites. You can follow John on Twitter, and connect with him at Linkedin.