Rivian has announced another successful private funding round led by Amazon’s Climate Pledge Fund, D1 Capital Partners, Ford Motor Company, along with funds and accounts advised by T. Rowe Price. Third Point, Fidelity Management and Research, Dragoneer Investment Group, and Coatue participated in the second investment round of 2021.
The funding round brings Rivian’s grand total of private investments to $10.5 billion as it nears vehicle production and initial deliveries of the R1T pickup truck.
“As we near the start of vehicle production, it’s vital that we keep looking forward and pushing through to Rivian’s next phase of growth,” RJ Scaringe, CEO of Rivian, said. “This infusion of funds from trusted partners allows Rivian to scale new vehicle programs, expand our domestic facility footprint, and fuel international product rollout.”
D1 Capital Partners Founder Dan Sundheim also commented on his company’s increased investment in the electric automaker. “We are excited to increase our investment in Rivian as it reaches an inflection point in its commercialization and delivers what we believe will be exceptional products for customers,” Sundheim said.
Rivian brought in a $2.65 billion funding round earlier this year, also advised by T. Rowe Price Associates, Inc. In 2020, Rivian had its first multi-billion funding round. In 2019 Rivian brought in a string of investments from several notable investors, including Amazon, Ford, and Cox Automotive. The year was capped off with a $1.3 billion investment round.
Although Rivian is yet to deliver its first vehicle to customers, the company is already serious about expanding its domestic vehicle assembly operation in preparation for a wider adoption of electric cars. Earlier this week, it was announced that the company was already seeking out a massive 2,000-acre plot of land in the United States for its second production plant. Its first, located in Normal, Illinois, is also being expanded, according to documents acquired by Teslarati earlier this year.
The company has indicated that the first deliveries of the R1T will begin in September of this year. After originally being slated for July, the company encountered several supply chain delays related to the global semiconductor shortage, along with some bottlenecks that have been extended due to the COVID-19 pandemic. “Everything from facility construction to equipment installation, to vehicle component supply (especially semiconductors) has been impacted by the pandemic. Beyond these unforeseen challenges, launching three new vehicles while setting up a multi-vehicle manufacturing plant is a complex orchestra of coordinated and interlinked activities where small issues can translate into ramp delays.” Scaringe wrote in an email to reservation holders.