Rivian's fortunes continue to climb. The Amazon and Ford-backed electric vehicle startup has just announced yet another major investment round, this time led by T. Rowe Price. Other participants include Amazon's Climate Pledge Fund, Fidelity Management and Research Company, and investment firms Coatue and D1 Capital Partners, as well as "several other existing and new investors."
All told, Rivian has raised another $2.65 billion, making it one of the highest-funded EV startups in the world. This latest round comes only six months after raising $2.5 billion and about a year after a $1.3 billion round. All told, Rivian has raised $8 billion since early 2019.
"This is a critical year for us as we are launching the R1T, the R1S and the Amazon commercial delivery vehicles. The support and confidence of our investors enables us to remain focused on these launches while simultaneously scaling our business for our next stage of growth," said Rivian Founder and CEO RJ Scaringe.
Beginning this June, deliveries of the Rivian R1T and R1S will finally get underway. Launch Editions for both vehicles, priced at $75,000 and $77,500, sold out in only one week. It also continues to work with Amazon on developing an all-electric delivery van, which was recently spotted testing. Amazon has so far ordered a total of 100,000 vans, which are slated to begin production at Rivian's Normal, Illinois factory later this year. Deliveries are set to be completed by 2024.
Rivian did not specifically state where it plans to invest this latest investment round, but we know the company wants to enter the highly profitable Chinese market, as well as Europe, with smaller models more suited to those buyers' tastes and requirements.
Equally interesting is the currently in development Rivian Adventure Network that will, upon completion, consist of a specialized charging network for outdoor adventure seekers at key locations across the US like mountain biking and hiking trails, kayaking spots, and rock climbing crags. Each charging unit will provide up to 140 miles of range in only 20 minutes. It's still unknown whether Rivian will open the network to non-Rivian owners.