As Tesla and Nikola tout upcoming electric pickup trucks, Rivian continues its goliath fundraising efforts.
Rivian still hasn’t started production of its R1T or R1S, though it has a number of working prototypes out testing. The startup automaker has been lurking for years and has plans to bring an all-electric pickup truck and three-row SUV to market next year. Rivian has come into the mainstream picture more recently and has since proven it knows how to rack up a multitude of funding and support.
In the sea of automotive startups, and especially EV startups, Rivian is a standout. Not only does it have working prototypes that appear to be production-ready, but it also owns a former automotive plant and has received major investments for the like of Ford and Amazon, among others. Now, the company has just closed a new funding round totaling a whopping $2.5 billion in funding, with investments led by T. Rowe Price.
Rivian had already received $700 million from Amazon, $500 million from Ford, and $350 million from Cox Automotive. In addition, its December funding round resulted in another $1.3 billion. According to CNBC, all-in-all, Rivian raised $2.85 billion in 2019 alone.
Rivian CEO RJ Scaringe reiterated that the automaker has no immediate plans to go public. At this point, the goal is to ensure the company is ready for a successful launch in 2021. With the Tesla Cybertruck on the way in the near future, as well as Nikola touting its Badger fuel-cell and electric pickup truck, it’s high-time for Rivian to get the ball rolling, and this new round of funding will certainly help.
Scaringe told CNBC:
“We’re focused on making sure that we deliver. We really value active humility and letting our actions speak louder than our words.”
“We’re in a position where we’re well-capitalized to launch the products but we are rapidly expanding and growing and accelerating some of our future products. We’re seeing demand being significantly higher than what we initially anticipated, which is leading us to capacitive for higher levels of volume.”
We can only hope Rivian can stick to its timeline and really let its actions speak louder than its words. You can find all the details about this new round of funding in the press release below.
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