Rivian closed its latest investment round by attracting a total of $1.3 billion from T. Rowe Price, as well as existing investors such as Amazon and Ford.
This was the fourth investment round this year for Rivian, which last February secured a $700 million funding led by Amazon and in April got a $500 million investment from Ford. Cox Automotive also invested an additional $350 million in Rivian in September.
“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.
Related: Ford’s Rivian-Based EV Will Reportedly Be A Lincoln Crossover
Rivian plans to start production of the R1T pickup truck and the R1S SUV electric models in late 2020. Both vehicles ride on Rivian’s proprietary ‘skateboard’ chassis and promise to offer up to 400 miles (644 km) of driving range. Battery options will range from 105kWh to 180kWh in capacity, combined with power outputs of up to 700 HP and 825 lb-ft (1120 Nm) of torque.
Rivian’s architecture is also going to be used in a future electric Ford that’s rumored to be a new Lincoln SUV. Amazon has also placed an order of 100,000 electric delivery vans based on Rivian’s platform, with deliveries scheduled to start in 2021.
Rivian, which was founded in 2009, added that no new board seats have been added following the latest investment round. The Michigan-based EV startup is considered to be one of the better-financed companies in the electric car business.
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