23 December 2019:

Electric vehicle startup Rivian has raised $1.3 billion in fresh round of funding. The funding round was led by funds and accounts advised by T. Rowe Price Associates, Inc.

Amazon, Ford Motor Company and funds managed by BlackRock also participated in the round.

No new board seats have been added, and additional details about this investment are not being disclosed at this time.

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

This is Rivian’s fourth funding of 2019. In February, Rivian announced a $700 million funding round led by Amazon. In April, Rivian announced that Ford Motor Company invested $500 million and that the companies would collaborate on a vehicle project utilizing Rivian’s skateboard platform.

In September, Cox Automotive announced its $350 million investment in Rivian, complemented by plans to collaborate on logistics and service. In addition to these investments, in late September, Rivian announced it was collaborating with Amazon on the development of an electric delivery van utilizing Rivian’s platform technology and that 100,000 of these vans had been ordered with deliveries starting in 2021.

(Source – Rivian)

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