Rivian Scores $1.3 Billion Investment from T. Rowe Price
Electric vehicle startup Rivian has secured another large investment. The money comes from T. Rowe Price. The global asset firm announced Monday the company would be investing $1.3 billion in Rivian.
Rivian has already secured over $2.2 billion across other investments in 2019. Those other investments include Amazon, Ford, and Cox Automotive. Rivian is working on 100,000 electric delivery vans for Amazon. The first of those vans are expected to be delivered in 2021. Investor websites now value Rivian to be worth over $5 billion. T. Rowe Price is also a large shareholder in Tesla.
"This investment demonstrates confidence in our team, products, technology and strategy," Rivian Chief Executive R.J. Scaringe said in a statement.
Rivian appeared in the headlines in 2018, debuting a prototype electric truck and SUV at the Los Angeles Auto Show. Rivian boasts its R1T truck can go from 0-60 mph in just three seconds. Both vehicles feature a quad motor system. Rivian says the vehicles have up to a 400-mile battery range, and the R1T can tow up to 11,000 pounds.
Rivian is taking orders for both the R1T and R1S on its website. Pricing starts at $69,000 for the truck and $72,000 for the SUV.