Ford-Backed Rivian Raises Another $2.65 Billion In Funding Round

January 19, 2021 11:18 am

Back in 2019, Ford invested $500 million into upstart EV maker Rivian. In return, it would receive use of Rivian’s Skateboard platform for a future Blue Oval electric vehicle, which the Rivian R1T and R1S will also ride on. In the months that have passed since that investment, Ford-backed Rivian has accumulated hefty investments from a variety of other suitors, a total it has now added to after its latest funding round.

Rivan revealed that it has raised an additional $2.65 billion in its latest funding round, which brings its fundraising total to $8 billion since the beginning of 2019. This funding round was spearheaded by T. Rowe Price Associates Inc, with investors including Fidelity Management and Research Company, Amazon’s Climate Pledge Fund, Coatue, and D1 Capital Partners.

After raising $1.3 billion in 2019, Rivian received another $2.5 billion last year from a funding round also led by T. Rowe Price. The automaker is preparing to launch its R1T pickup and R1S SUV this year, with deliveries of the former starting in June and the latter beginning in August. Additionally, Rivian is also currently testing delivery van prototypes for Amazon.

“This is a critical year for us as we are launching the R1T, the R1S, and the Amazon commercial delivery vehicles,” Rivian Founder and CEO RJ Scaringe said in a statement. “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.”

As Ford Authority reported last October, Rivian and Ford’s partnership is still on track, despite the fact that Ford canceled its plans to build a future Lincoln SUV on the Skateboard platform. A new Ford BEV underpinned by the platform is in the works, though the automaker has declined to provide any additional information on that topic.

We’ll have more on Ford-backed Rivian soon, so be sure and subscribe to Ford Authority for the latest Ford business news and non-stop Ford news coverage.

By Brett Foote

Brett's lost track of all the Fords he's owned over the years and how much he's spent modifying them, but his current money pits include an S550 Mustang and 13th gen F-150.