Amazon- and Ford-backed Rivian has raised $2.65B as it prepares to make the first deliveries of its all-electric pickup truck, delivery van, and SUV later this year. T. Rowe Price Group led the Series D funding round. Amazon's Climate Pledge Fund also participated.
The biggest yet:
- Since 2019, Rivian has raised $8B from Amazon (NASDAQ:AMZN), Ford (NYSE:F), BlackRock (NYSE:BLK), and other investors, making it the most well-funded U.S. automotive startup ever for its age.
- Amazon has ordered 100,000 electric delivery vans from the company, which Rivian will fulfill over several years.
- Rivian plans to begin the first U.S. deliveries of vans in late 2021, rolling out its RIT in June and the RIS in August.
- Rivian also plans to start early model deliveries of its consumer electric vehicles, the R1S SUV and R1T pickup, this summer.
- The support of investors will help Rivian focus on the deliveries and scale the business for its next stage of growth, Rivian founder and CEO RJ Scaringe said.
- Although Rivian has not disclosed a valuation, several sources estimate it to be around $27.6B after the new funding round.
- Today, semi-truck manufacturer Paccar announced a partnership with Amazon-backed startup Aurora, which will provide autonomous-driving technology to power Paccar semi-trucks.
- Amazon also acquired autonomous driving technology startup Zoox in a $1.2B deal last year.