Plymouth’s Rivian adds $2.65 billion in new investments, valued over $27bn

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Plymouth’s Rivian adds $2.65 billion in new investments, valued over $27bn

Rivian, the Plymouth, Michigan-based eleven-year old e-vehicle start-up, had issued a statement earlier this week saying that the Inc- and Ford Motor Co-backed self-driving and e-vehicle start-up which has plans to rollout a production line of an electric pickup and SUV as early as this year, had raised an eye-propping $2.65 billion at a latest fundraising campaign led by the Baltimore-based investment management company T.

Rowe Price. Aside from that, latest announcement from the Detroit-carmaker Ford Motor Co-backed Rivian, whose valuation had soared to $27.6 billion following its latest round of fundraising campaign, came against the backdrop of an $8 billion it had raised back in the early-2019, a person familiar with Rivian’s financial stature said to the reporters late in the day.

Rivian to begin electric pickup deliveries by June

On top of that, the Plymouth-headquartered American e-vehicle start-up founded back in the 2009s, had also added at its statement that the e-vehicle manufacturer would start off delivering pickups as early as by June this year, while its electric SUVs would be brought into commercial markets on August this year.

In tandem, Rivian had been quoted saying on the statement issued earlier in the week that the e-vehicle manufacturer which had recently snatched up an Inc. order for 100,000 electric delivery vans, would price its launch edition pickups and SUVs at $75,000 and $77,500 respectively, while both would house a driving range of up to 480 kilometres following a single charging session.

Meanwhile, addressing to a solid boost in investors’ confidence over the e-vehicle start-up, Rivian Chief Executive RJ Scaringe said following the announcement, “This is a critical year for us as we are launching the R1T (pickup), the R1S (SUV) and the Amazon commercial delivery vehicles.

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.