Rivian announces $2.5 billion investment round

Business News

NORMAL, Ill. (WMBD) — The investment is the first of the year for the Normal-based car manufacturing company.

Investment management company T. Rowe Price directed the financing for this round of investments.

“We are excited to continue this journey with Rivian’s innovative and talented team as they now prepare to deliver their groundbreaking products that help shift to a carbon-neutral planet,” said Joe Fath, portfolio manager of T. Rowe Price Growth Stock Fund.

The set of investments came from Soros Fund Management LLC, Coatue, Fidelity Management and Research Company, Baron Capital Group, Amazon, and BlackRock.

Rivian CEO RJ Scaringe said the funds will go towards the launch of three projects the company is working on, namely the 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,” Scaringe said. “We are grateful for the strong investor support that helps enable us to focus on execution of our products.”

The new investment does not include any additional board seats.

Ford invested a half-billion dollars into Rivian in April of 2019 to work on electric vehicles together. Rivian employs about 2,300 people, though most of Rivian’s operations are out-of-state.

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