An electric truck startup that's manufacturing its vehicles in downstate Normal, IL, just landed $2.5 billion in new funding as it prepares to deliver trucks to customers next year.
Rivian announced Friday that the new funding was led by T. Rowe Price. Other backers include Soros Fund Management, Coatue, Fidelity Management and Research Company, and Baron Capital Group, as all was existing backers Amazon and Blackrock.
Rivian, based in Michigan, will manufacture its vehicles at a former Mitsubishi plant in Normal. The trucks will be able to travel more than 400 miles on a single charge, the company said. Customer deliveries are expected to begin in 2021.
Rivian is also making 100,000 electric delivery vans for Amazon, part of Amazon's goal to use fully renewable energy by 2030 and become carbon neutral by 2040. Amazon led a $700 million round in Rivian in February 2019.
In Aril 2019, Ford Motor Company invested $500 million in Rivian, followed by a $350 million investment by Cox Automotive in September and then a $1.3 billion round from T. Rowe Price, Amazon and Ford in December.
The newest round is Rivian's first funding in 2020.
The well-funded startup planned to produce its vehicles this year, but had to delay manufacturing until 2021 due to the coronavirus as its workers were sent home during Illinois' Covid-19 shutdown.
"We are focused on the launch of our R1T, R1S and Amazon delivery vehicles," CEO and founder RJ 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."
