Rivian announces new funding windfall; company valued at $27.6 billion

Rivian closes January 2021 investment round with $2.65 billion

Rivian has raised USD$2.65 billion as it readies itself for production of the all-electric R1T pickup truck this July.

Spearheaded by funds and accounts advised by T. Rowe Price Associates Inc, investors included Fidelity Management and Research Company, Amazon’s Climate Pledge Fund, Coatue and D1 Capital Partners as well as “several other existing and new investors” according to Rivian.

Rivian has already raised close to $USD8 billion since early 2019, but as we all know, manufacturing a vehicle is not an inexpensive task. Rivian has spent almost $1 billion on the former Mitsubishi factory in Normal Illinois where it plans to commence manufacturing operations this year. The company plans to produce the R1T Pickup, R1S SUV as well as the Rivian/Amazon delivery van there.

Rivian CEO and founder RJ Scaringe said in a statement “The support and confidence of our investors enables us to remain focused on these launches while simultaneously scaling our business for our next stage of growth,”

According to Chicago Business, a person familiar with the workings of Rivian’s funding said that the company is presently worth around US$27.6 billion. Any suggestions that Rivian might be going public with an IPO sometime soon have been quashed by Scaringe, who stated in the video below that “the company is focused on the product and back-end operations for the next year”, indicating we’re unlikely to see an IPO in the shirt term.

Source: Rivian