Rivian Secures $1.3 Billion in Funding

By Michael Satterfield

Electric vehicle maker Rivian has closed its fourth round of funding in 2019 led by T. Rowe Price Associates, Inc.  Amazon, Ford Motor Company and funds managed by BlackRock also contributed to the $1.3 billion in funding raised. In late September it was announced that Rivian was collaborating with Amazing to develop an electric delivery van usings the Rivian platform and that 100,000 vans had been ordered with deliveries starting in 2021.

This investment demonstrates confidence in our team, products, technology, and strategy – we are extremely excited to have the support from such strong shareholders.
Rivian Founder and CEO RJ Scaringe.

Rivian has built its platform to directly take on the pickup and SUV market, the R1T and R1S, deliver up to 400+ miles of range and were designed with off-road capability and utility in mind. These vehicles use the company's flexible skateboard platform and will be produced at Rivian's manufacturing plant in Normal, Illinois. The first retail deliveries are expected in Q4 of 2020.