Rivian Lands Another $2.5 Billion - SOROS & AMAZON

The electric automaker Rivian has pulled in another $2.5 billion—its largest single investment round to date—as it prepares to begin production in Normal.

Rivian, which has grown from stealthy startup to lead candidate to bring the first electric pickup to market, announced the new investment Friday. The financing was led by funds and accounts advised by T. Rowe Price. That includes money from Soros Fund Management LLC, founded by billionaire philanthropist George Soros; the tech sector hedge fund Coatue; the Fidelity Management and Research Co.; and Baron Capital Group, founded by Ron Baron.

Existing shareholders Amazon and funds managed by BlackRock also participated.

“We are focused on the launch of our R1T, R1S and Amazon delivery vehicles. 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,” Rivian Founder and CEO RJ Scaringe said in a statement.

In 2019 Rivian announced several multimillion-dollar investments totaling $2.8 billion, from companies such as Amazon, Ford, and Cox Automotive.

T. Rowe Price previously led an investment round of $1.3 billion in December 2019.

https://www.wglt.org/post/rivian-lands-another-25-billion-biggest-investment-round-date