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EV truck maker Rivian receives $2.65B in latest investment round

Kalea Hall
The Detroit News

Detroit — The Plymouth-based electric-truck startup, Rivian Automotive LLC, said Tuesday it received $2.65 billion in its latest funding round. 

The investment comes as Rivian is prepping to start production this summer of its EV pickup and SUV at its Normal, Illinois, manufacturing plant. Rivian has now raised $8 billion since the start of 2019.

Rivian is among several other EV startups and traditional automakers pushing to hit the market first with an electric pickup this year. Its competition includes Tesla's Cybertruck and General Motors Co.'s GMC Hummer EV. 

“This is a critical year for us as we are launching the R1T, the R1S and the Amazon commercial delivery vehicles," said Rivian Founder and CEO RJ Scaringe 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.”

The funding round was led 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.

Last year, Rivian received $2.5 billion in a funding round also led by T. Rowe Price Associates. It ended 2019 with $1.3 billion in investment. Its investors included Ford Motor Co. and Amazon. 

Rivian started taking R1T pickup and R1S SUV orders in November. The pickup starts at $67,500 and the SUV at $70,000.

A limited-run, 2021 $75,000 Launch Edition model will begin deliveries in June of next year. The 2021 $77,500 First Edition R1S SUV will follow in August. The 2022 $67,500 pickup and SUV will be delivered in early 2022.

khall@detroitnews.com

Twitter: @bykaleahall