Electric vehicle startup Rivian said Monday it ended a $1.3 billion investment round, led by fund manager T. Rowe Price but also along with existing traders online retailer Amazon.com and No. 2 U.S. auto manufacturer Ford Motor.
The funding round, which further included BlackRock, is the fourth this year for Rivian and puts the Plymouth, Michigan stationed firm as one of the better-financed players in a crowded EV manufacturing industry where Tesla is the most established player.
EVs still make up a small piece of the global automotive industry. While Tesla is the best-known company, China and Europe are pushing auto manufacturers to launch EVs, and Ford, General Motors, and others have unveiled plans to spend billions of dollars developing the automobiles.
Incorporated in 2009, Rivian plans to build an all-electric pickup truck, the R1T, and the companion R1S SUV, beginning in late 2020. Each model is based on a Rivian-created “skateboard,” a chassis that bundles electric motor, batteries, and controls and may accommodate a wide range of body kinds.
Prior to Monday’s declaration, Rivian had raised $2.2 billion from traders, based on investor website PitchBook, and was valued at a forecasted $5 billion to $7 billion.
The corporate’s total valuation in the wake of the most recent funding round was not instantly clear.
Rivian stated Monday no new board seats had been added because of the newest investment.
T.Rowe Price has putdifferent bets within the auto industry. It’s a massive Tesla shareholder and, in addition, has invested in GM’s majority-controlled Cruise self-driving unit. T. Rowe Price also invested, along with Amazon, in self-driving automobile software program startup Aurora and British online food delivery firm Deliveroo.