As electric vehicles (EVs) continue to increase in popularity, investors are looking at which brands they should support, and which will ultimately help ring in a new era of zero-emissions transportation.
In a press release earlier this week, Rivian has announced that it has raised $2.65 billion in recent investments, with a total of $8 billion raised since the start of 2019.
The latest investment round was directed by T. Rowe Price Associates, and includes pledges from Fidelity Management and Research Company, Amazon’s Climate Pledge Fund, Coatue, and D1 Capital Partners, among a number of others.
So we’ve seen a bunch of Rivian R1Ts out testing now… when will we see the first R1S?
— The Kilowatts 🚗⚡️ (@klwtts) January 17, 2021
Rivian founder and CEO RJ Scaringe said, “This is a critical year for us as we are launching the R1T, the R1S and the Amazon commercial delivery vehicles. 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 sources speaking to the WSJ, Irvine, California-based Rivian is now valued at $27.6 billion with this latest funding round.
Last year, the company also announced a separate partnership with Amazon, specifically to build new electric Prime vans for the company’s delivery services. The recent investment round is Rivian’s first in 2021, and it bodes well for the remainder of the year.
Customer deliveries of the R1T and R1S are expected to start this summer, with the EVs being manufactured out of the company’s Illinois plant.
