By on July 10, 2020

Amazon

As you read earlier this morning, Rivian founder and CEO R.J. Scaringe isn’t all that impressed with the ability of some EV startups to wow Wall Street with lofty talk and exciting, but perhaps empty, promises. He’s more concerned with getting product out the door.

It’s perhaps because of Rivian’s conventional approach to car building that big-name firms seem more than willing to put their cash behind it. On Friday, the EV startup landed another bundle, and it’s a big one.

A new investment round led by T. Rowe Price swelled Rivian’s coffers by a further $2.5 billion, boosting its take to somewhere in the area of $6 billion. Late last year, another round of funding saw Rivian amass an extra $1.3 billion. The cash is needed to get the R1S SUV and R1T Pickup into production in Normal, Illinois and into customer hands early next year.

Among the financial backers this time around were Soros Fund Management LLC, Coatue, Fidelity Management and Research Company, and Baron Capital Group. Amazon and BlackRock, which already poured in their dollars in past funding rounds, poured in a little more.

“We are focused on the launch of our R1T, R1S and Amazon [van] delivery vehicles,” Scaringe said in a statement. “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.”

[Image: Amazon]

Get the latest TTAC e-Newsletter!

Recommended

15 Comments on “IPO? Who Needs That? Rivian Lands Another $2.5 Billion...”


  • avatar
    Chocolatedeath

    I would love to see the inside of that van. I am sure they will show a layout in the next 8 months.

  • avatar
    MeJ

    I think their truck is really cool compared to the Tesla model. Id even consider buying one.

  • avatar
    SCE to AUX

    “It’s perhaps because of Rivian’s conventional approach to car building that big-name firms seem more than willing to put their cash behind it.”

    You’re kidding, right?

  • avatar
    schmitt trigger

    This note would be funny, hilarious even, until you realize those fund managers are playing with your retirement money.

  • avatar
    Mathias

    Not with mine they ain’t.

  • avatar
    Old_WRX

    I’m a little skeptical that that windshield would make it to production. It looks like it would be very expensive to replace. Which, correct me if I’m wrong, would be unlikely to please companies considering fleet purchases.

    • 0 avatar
      Steve65

      Ever seen a fleet of transit buses?

      • 0 avatar
        indi500fan

        Buses are mostly fueled by taxpayer money and worked on by well compensated featherbedding unionized employees.

        • 0 avatar
          Old_WRX

          Then again, if we look at school buses — which are basically cheap vehicles bought by companies that contract to schools or by school that would prefer to use the money they get for more mission critical things like fancy salaries/offices for administrators — we see relatively simple flat windshields.

          Which leads me to the question: I know they have added lots of stuff to school buses to make them safer (extra emergency exits, carpet beater to keep kids from walking too close to the front of the bus, oodles of flashing lights, etc.). But, have they done anything to improve the (not so hot) emergency handling of the small truck chassis they ride on?

          • 0 avatar
            mcs

            “Then again, if we look at school buses”

            That’s not entirely true. On the “cab-over” style or whatever they’re called, they seem to have the larger windshields as well to improve visibility.

    • 0 avatar
      Old_WRX

      @mcs,

      Just looked again and you are right. Even on the conventional (with a nose) some of them are fancy and curved — might be for aero. Just so you can use the fancy term the flat nosed buses would be called forward control (at least if the engine is in front). If the engine is in back then they might well refer to them as pushers. Ok, enough with the pedantic stuff:-)

  • avatar
    SuperCarEnthusiast

    $6 billion into the BEV company that has one product to be release; a pickup truck that cost like $80K! Yes they have specialized commercial delivery vans for Amazon and others too but $6 billion is still $6 billion.

Read all comments

Back to TopLeave a Reply

You must be logged in to post a comment.

Recent Comments

  • tankinbeans: Is this a case where you can get statistics to say whatever the heck you want? I’ve always heard...
  • Inside Looking Out: Youngsters know better. Who are you to criticize them? Some old idiot, OK Boomer.
  • Inside Looking Out: I pass. It will increase weight and decrease fuel efficiency.
  • Inside Looking Out: Better idea from San Francisco: make all renters full time employees of Hertz corp with health...
  • ect: I don’t believe I’ve ever seen a bankruptcy proceeding in which the shareholders weren’t wiped...

New Car Research

Get a Free Dealer Quote

Who We Are

  • Matthew Guy
  • Timothy Cain
  • Adam Tonge
  • Bozi Tatarevic
  • Chris Tonn
  • Corey Lewis
  • Mark Baruth
  • Ronnie Schreiber