Rivian gets $1.3 billion in funding led by T. Rowe Price

The Rivian R1T in Tofino, British Columbia.
The Rivian R1T in Tofino, British Columbia. | Photo courtesy of Jeff Johnson, Rivian

Rivian has closed its fourth investment round with an amount of $1.3 billion led by funds and accounts advised by T. Rowe Price Associates, Inc.

Amazon, Ford Motor Co. and BlackRock also participated in the round.

In February 2018, Rivian announced a $700 million funding round led by Amazon. Two months later, it announced that Ford invested $500 million and that the partners would be working together on a vehicle project using Rivian's skateboard platform. 

Cox Automotive announced in September 2018 its $350 million investment in Rivian, along with its plans to team up on logistics and service.

Rivian, which has seven locations in the US, Canada and the United Kingdom, develops vehicles, technology and services. Its California facilities are dedicated to battery electric (Irvine), technology and data science (San Jose) and electric power conversion (Carson). 

The company's design and engineering, manufacturing, advanced engineering and technology and development operations are housed in Michigan (Plymouth), Illinois (Normal), the U.K. and Vancouver, respectively.

"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 R.J. Scaringe said in a press release.

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Organizations in this story

T. Rowe Price Associates Inc 100 East Pratt Street Baltimore, MD 21202