Many prominent investors have taken a liking to Rivian and what they have to offer over the past two years. Of all the current electric car startups trying to make their first cars, Rivian seems to show the most promise, and it’s surely why they have been getting money delivered to them by the truckload.
Today Rivian announced that they have closed another investment round that totaled to $1.3 billion. This time the round was headed by T. Rowe Price Associates, Inc., a former major investor in Tesla.
Joe Fath of T Rowe Price had the following to say:
“We are excited to continue this journey with Rivian’s innovative and talented team as they now prepare to deliver their groundbreaking products that help shift to a carbon-neutral planet,”
Other participants in this included:
- Soros Fund Management LLC
- Coatue
- Fidelity Management and Research Company
- Baron Capital Group
- Amazon (Repeat investment)
- BlackRock (Repeat investment)
Rivian Founder and CEO RJ Scaringe was, of course, happy with the increase in investments and reiterated Rivian’s need to work hard on making all their product launches be successful:
“We are focused on the launch of our R1T, R1S and Amazon delivery vehicles. With all three launches occurring in 2021, our teams are working hard to ensure our vehicles, supply chain and production systems are ready for a robust production ramp up. We are grateful for the strong investor support that helps enable us to focus on execution of our products,”
Rivian has already amassed more than $2.5 billion of investments from the likes of companies like Amazon and Ford since 2019. People are rightful to be skeptical of any upcoming automotive startup, but it looks like Rivian might have what it takes to be competent and competitive automaker in the future that can establish itself as a major player during the next decade.
It’s hard to not get hopes up after seeing the R1T and R1S along with the trust of Amazon to have them build 100,000 electric delivery vans. Let’s hope they can actually live up to their lofty expectations.
What do you guys think? Will Rivian be able to accomplish all their goals? Or will their product launches fall flat on their face? Let me know down in the comments below.
