The startup making the Tesla Cybertruck's closest rival just raked in $1.3 billion from T. Rowe Price, Amazon, Ford, and Blackrock
- The electric-vehicle startup Rivian has received a $1.3 billion investment led by T. Rowe Price, Rivian announced on Monday.
- Amazon, Ford, and Blackrock also contributed to the funding round.
- Once one of Tesla's biggest shareholders, T. Rowe Price sold much of its stake in the electric-car maker earlier this year.
- Founded in 2009, Rivian has now raised over $3 billion, according to Pitchbook (which does not yet list the T. Rowe Price deal).
- Rivian plans to release an electric SUV, the R1S, and an electric pickup truck, the R1T, late next year.
- Sign up for Business Insider's transportation newsletter, Shifting Gears, to get more stories like this in your inbox.
- Visit Business Insider's homepage for more stories.
The electric-vehicle startup Rivian has received a $1.3 billion investment led by T. Rowe Price, Rivian announced on Monday. Amazon, Ford, and Blackrock also contributed to the funding round.
Once one of Tesla's biggest shareholders, T. Rowe Price sold much of its stake in the electric-car maker earlier this year.
Founded in 2009, Rivian has now raised over $3 billion, according to Pitchbook (which does not yet list the T. Rowe Price deal). Earlier this year, Rivian received a $500 million investment from Ford, a $700 million investment led by Amazon, and a $350 million investment from Cox Automotive. Ford will use Rivian's electric-vehicle platform in a new vehicle, as will Amazon, which has ordered from Rivian 100,000 electric delivery vans.
Rivian plans to release an electric SUV, the R1S, and an electric pickup truck, the R1T, late next year. The vehicles will start around $60,000-$65,000, and each will have a range that could top 400 miles and the ability to accelerate from 0-60 mph in three seconds, Rivian says.
Aside from Tesla, many electric-vehicle startups have struggled to stay in business long enough to sell their vehicles in significant numbers.
Are you a current or former Rivian employee? Do you have an opinion about what it's like to work there? Contact this reporter at mmatousek@businessinsider.com. You can also reach out on Signal at 646-768-4712 or email this reporter's encrypted address at mmatousek@protonmail.com.
- Read more:
- The CEO of EV startup Rivian explains why he thinks it will beat Audi, Mercedes-Benz, and BMW with its first 2 electric vehicles
- With Tesla's Elon Musk and Rivian's RJ Scaringe, we have the Henry Ford and Alfred Sloan of electric vehicles
- Amazon invested $700M into an electric vehicle startup. Here's how Rivian is doing exactly what Tesla isn't.
- Some 1,100 car shoppers said they'd rather buy an electric pickup truck from Ford or GM than Tesla's Cybertruck - but there's a silver lining for Tesla in the survey
