Home Finance News American Automotive Firm Rivian Raises $1.3 Billion in Fund Investment Round

American Automotive Firm Rivian Raises $1.3 Billion in Fund Investment Round

Headquartered in America, the globally leading automaker and automotive tech firm, Rivian has broadcasted the news about the closure of its highly anticipated investment round worth a whopping sum of $1.3 billion. The fundraising event was led by T. Rowe Price Associates Inc., online retail giant Amazon.com Inc., renowned automaker firm Ford Motor Company, and BlackRock, which serves as one of the world’s biggest asset management platforms.

It seems that Rivian is striving hard to give a tough competition to its ruling competitor in the field of EV manufacturing industry, Tesla Inc. The concluded funding round was the fourth initiative undertaken by the company this year and is likely to strengthen the position of Rivian in the automobile sector. The firm has not disclosed any strategically important details about the funding round to the public. However, the reports suggested that there has been no increase in the members of the board.

This investment demonstrates confidence in our team, products, technology and strategy – we are extremely excited to have the support from such strong shareholders,

stated RJ Scaringe, who serves as the honorable CEO of Rivian.

Post this crucial announcement, Rivian had pooled in $2.2 billion from worthy investors who made its value reach the mark of an approximate figure ranging between $5 billion to $7 billion. The facts were revealed by the reports furbished by the investor website, PitchBook. The firm is gearing up to launch an all-electrically managed pickup truck named R1T and R1S SUV in the later part of the approaching year 2020. The two projects will be based on a Rivian-designed “skateboard.” The highly anticipated projects will be a perfect combination of electric motor, batteries, and controls and will be capable of supporting various body styles.

The current year had been quite fruitful for Rivian as it entered into several strategically important partnerships with the biggest names of varied industrial domains. In February, the firm broke the news about a $700 million worth funding investment round, which was chaired by Amazon Inc. Later in April, the firm stated that Ford Motor Company is making an investment of $500 million in the project. Further, in September, Rivian announced its team up with Amazon to build an electric delivery van. The firms have aimed to deliver 100,000 vans in 2021.

Robert Hill
Robert Hill
Robert a Crypto writer and an expert in delivering content with both informative and entertaining approaches. He has 4 years of experience working as a crypto writer with our team. You can interact with him by email: robert@forexnews.world.

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