Rivian scores $1.3 Billion Investment from T. Rowe Price, others

Rivian scores $1.3 billion investment from T.Rowe Price, others

Rivian, a Plymouth based electric car, has now secured an investment of $1.3 billion.

T. Rowe Price Associates Inc advised accounts and funds participated in the latest funding round. Other major participants in the investment round include Ford Motor Company, Amazon and funds managed by BlackRock.

This is the fourth time that Rivian has secured investment in 2019. It follows a $500 million investment from Ford Motor Company, a $350 million investment from Cox Automotive and a $700 million funding from Amazon.

Executive Opinion

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

Rivian's Electric Cars

The company is also collaborating with Amazon on the development of an electric delivery van leveraging Ravian's own platform technology. Amazon has recently ordered 100,000 of these vans and their delivery is slated at the start of 2021.

Rivian is advancing the R1S and R1T, which deliver around 400 miles of range and provides a combination of performance, utility and off-road capability.

These vehicles, which use the company flexible stake board platform will be produced at the Rivian manufacturing plant in Normal, iII, with customer deliveries expected to begin at the end of 2020, notes the announcement.

PC: Pablo, Pixabay

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Udit Agarwal Opinions expressed by techsutram contributors are their own. More details

Udit Agarwal is a Digital Marketer and a Content Marketing Specialist, He enjoys technical as well as non-technical writing. His passion and urge for gaining new insights on gadgets, smartphones and technology has led him to Techsutram. He quenches his thirst for technology through his action oriented writing skills and a profound ability to stay up to date with latest industry trends.

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