T. Rowe Price invests in Rivian

Posted on December 23, 2019
Another round of investments for the electric car maker. (Photo courtesy Rivian)

 

By Katherine Murphy

Rivian is adding more money to it’s investment coffers to the tune of $1.3 billion.

The electric car maker closed an investment round led by T. Rowe Price Associates marking the fourth investment in the company in 2019.

In February, Rivian announced a $700 million funding round led by Amazon. In April, Rivian announced that Ford Motor Company invested $500 million and that the companies would collaborate on a vehicle project utilizing Rivian’s skateboard platform. In September, Cox Automotive announced its $350 million investment in Rivian.

Along with the investments, Rivian announced it will collaborate with Amazon to develop and produce a fleet of 100,000 electric delivery vans using Rivian’s platform technology and manufactured at Rivian’s Normal plant.

Rivian Founder and CEO RJ Scaringe says the investment demonstrates confidence in the Rivian team, products, technology and strategy.

Katherine Murphy can be reached at [email protected]

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