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Rivian pulls in $2.65 billion in 2021 investments
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Rivian pulls in $2.65 billion in 2021 investments

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NORMAL — Rivian Automotive has raised $2.65 billion in the company’s first round of 2021 investments

The Plymouth, Michigan-based electric vehicle company that took over Normal’s Mitsubishi Motors plant in 2017 has raised $8 billion in the last two years.

Amazon has ordered 100,000 delivery vans from the manufacturer, which also began taking orders for its new truck and sport utility models in November. 

“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 RJ Scaringe, founder and CEO of Rivian.

This funding included investments from Fidelity Management and Research Company, Amazon’s Climate Pledge Fund, Coatue and D1 Capital Partners, with funds and accounts advised by T. Rowe Price Associates.

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“We have been eagerly anticipating the arrival of 2021, and with it, the exhilaration of Rivian starting to deliver its revolutionary products to customers," said Joe Fath, T. Rowe Price portfolio manager. "It is invigorating for us to continue our journey with such a talented, mission-driven team building a robust organization for the long term."

The sprawling Normal plant is projected to have about 1,000 workers. Rivian also has operations in Michigan and California, employing about 3,500 overall. 

Rivian officials previously said orders for the R1T pickup, starting at $67,500 and R1S SUV, $70,000, could be filled as early as June, though some may have to wait until January 2022. There are also $7,500 federal tax credits for electric vehicles.

Amazon invested $440 million in February 2019 and T. Rowe Price led a $2.5 billion investment round in July. Ford and Cox Automotive are also investors. 


PHOTOS: Rivian Automotive

Contact Kelsey Watznauer at (309) 820-3254. Follow her on Twitter: @kwatznauer.

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