Rivian announced that it’s hauled in a further $2.5 billion to help get into production next year
“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,” RJ Scaringe, Rivian’s 37-year-old founder and CEO, said in a statement. “We are grateful for the strong investor support that helps enable us to focus on execution of our products.”
Scaringe has generated significant excitement since bringing Rivian out of stealth mode in 2018 with plans for a line of long-range, rechargeable trucks built off a highly functional “skateboard” platform that integrates the battery pack, drive components and suspension system. Both the R1T and R1S are to have electric range of up to 400 miles per charge–well more than any of Tesla’s current EVs–and they are priced from $68,000 and $72,500, respectively.
“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,” said Joe Fath, portfolio manager of T. Rowe Price Growth Stock Fund. Along with Amazon, T. Rowe Price, Fidelity and Soros Fund, Rivian backers include Ford and Cox Automotive. The $2.5 billion investment announcement is Rivian’s first of 2020 and doesn’t include any new board seats, the company said.
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