logo
Plus   Neg
Share
Email

Electric Vehicle Maker Rivian Raises $1.3 Bln In New Funding Round

Rivian, an electric vehicle manufacturer, said it has closed an investment round of $1.3 billion, 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.

Rivian did not disclose additional details about the investment. It did not add any new board seats.

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

The investment round is the fourth this year for Rivian.

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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The NextGen Consortium announced the launch of reusable cup pilots in local cafes in the City of San Francisco and City of Palo Alto, California. The local cafes have joined the Consortium's efforts to advance reusable, recyclable and/or compostable cup solutions in select pilots. NextGen Consortium is a multi-year consortium that addresses single-use food packaging waste globally. DISH Network Corp. (DISH) Wednesday reported a profit for the fourth-quarter that increased about 15 percent from last year, but quarterly revenue decreased 2 percent. Both earnings per share and revenue top analysts' estimates. Net Pay-TV subscribers for the quarter decreased by about 194,000 from the prior quarter. Advanced Bionics LLC, the US unit of Swiss hearing aid maker Sonova Holding AG, has recalled certain un-implanted cochlear implant devices due to decreased hearing performance. The recall would incur costs in the range of 40 million Swiss francs to 50 million francs. In a statement, Sonova said that...
Follow RTT
>