Rivian has closed another round of funding, with the electric vehicle company adding an additional $ 2.5 billion to its coffers as it prepares its first EV pickup. The new round – which brings Rivian’s total increase to around $ 10.5 billion so far – has seen Amazon, Ford and others increase their stakes in the automaker, as well as new names.
At times it seemed Rivian was as much about making new rounds of funding as it was about building electric cars. Unveiled at the end of 2018, the automaker has made big promises with its three-row R1T EV and R1S SUV EV pickups, not to mention the electric skateboard platform that underpins them.
While the delays pushed back the release of the two EVs, they were enough to grab the attention – and checkbooks – of some big names, both inside and outside the auto industry. Ford has chosen to invest and claims to partner with Rivian on at least one new model. Amazon, meanwhile, not only joined as an investor, but also made a deal for 100,000 custom electric delivery vans.
The first of these vans is already at work in parts of the United States, but deliveries of the R1T and R1S have been a bit slower to arrive. Currently, pre-order customers have been told to expect their R1T Launch Edition trucks in September 2021.
This new round of funding will help speed up production and hopefully ensure that customers don’t wait too much long for their electric vehicles, promises the automaker. It will also be instrumental in creating the Rivian Adventure Network, a series of exclusive DC fast chargers that R1T and R1S riders can access. Rivian expects to position some of these locations close to well-frequented places for outdoor activities, which would traditionally be underserved by electric vehicle infrastructure.
“As we approach the start of vehicle production, it is essential that we continue to look ahead and pursue Rivian’s next phase of growth,” said RJ Scaringe, CEO of Rivian, of the capital additional. “This injection of funds from trusted partners enables Rivian to develop new vehicle programs, extend the footprint of our national facilities and fuel the international deployment of products. ”
Funding was led by Amazon’s Climate Pledge Fund, D1 Capital Partners, Ford Motor Company, and funds and accounts advised by T. Rowe Price Associates, Inc. It saw participation from Third Point, Fidelity Management and Research Company, Dragoneer Investment Group and Manteau.
As for where Rivian will go next, the big news could be an IPO. The automaker reportedly picked an insurer in May, with the aim of going public in a deal that could be worth as much as $ 70 billion.