Rivian secured an additional $1.3 billion in its latest funding round, bringing its total investment up to almost $3 billion in less than 12 months.
The U.S.-based EV manufacturer has so far revealed its five-seat R1T pickup and seven-seat R1S SUV, both of which are expected to hit the roads at the end of the year.
Its latest financing round was led by T. Rowe Price Associates, Inc. and was also participated in by Amazon, Ford Motor Company and funds managed by BlackRock.
Amazon and Ford both previously invested in Rivian last year, with $700 million from Amazon and an additional $500 million from Ford, along with a commitment for Ford to jointly develop an EV with Rivian.
Cox Automotive announced a $350 million investment in the company in September, bringing its total investment throughout the last 12 months up to almost $3 billion.
“This investment demonstrates confidence in our team, products, technology and strategy – we are extremely excited to have the support from such strong shareholders,” said Rivian founder and CEO RJ Scaringe.
Rivian has also revealed plans to develop an electric delivery van for Amazon and has received orders for 100,000 units, with deliveries starting in 2021.