BREAKING: Yesterday electric pickup maker Rivian announced a new round of funding. The trade press, the financial press, the tech press, even the MSM are all agog. We still have to wait until the end of 2020 to get one, and roll electrons at the rubes.
Creating a new auto company is remarkably capital-intensive, so electric vehicle maker Rivian is bent on accumulating a mountain of cash, ending 2019 with a massive $1.3 billion funding round that includes additional investment from backers Amazon and Ford.
Rivian, which plans to start building its battery-powered pickup trucks and SUVs beginning in late 2020, said the latest fundraising was led by T. Rowe Price and included BlackRock, Amazon and Ford, without providing additional details. It’s the fourth funding announcement in 2019 from the company, which appears to have raised more than $3 billion since emerging from stealth mode in 2018.