The electric-car startup Rivian scores a $1.3 billion investment from t Rowe Price, others

(Reuters) – Electric car startup, Rivian, said on Monday it has closed a $1.3 billion investment in a round led by a fund manager at T. Rowe Price, but also the existing investors in the online retailer Inc. and the No. 2 U.S. automaker, Ford Motor Co.

FILE PHOTO: Rivian announced an all-electric R1S compact SUV at the Los Angeles Auto Show in Los Angeles, California, USA, November 27, 2018. REUTERS/Mike Blake/File Photo

The investment round, which will also be included in BlackRock Inc., the fourth of this year, Rivian and the position of the Plymouth, Mich. – based company is considered one of the best-financed players in a crowded EV) production and market of Tesla, Inc has been the most well-established players.

“This investment demonstrates confidence in our team, products, technology, and strategy,” Rivian, Chief Executive R. J. Scaringe, said in a statement.

Electric vehicles are still only a small part of the global automotive market. While Tesla is the most well-known author, China, japan and Europe push automakers to roll out of the Service, and the Ford motor company, General Motors Co., and others, have announced plans to spend billions of dollars in the development of the vehicle.

Founded in 2009, Rivian, plans for the construction of an electric pick-up truck, R1T, and the company, R1S SUV, from the end of the year 2020. Both of these models are based on a Rivian designed a “skateboard”, is a form of the bundles of electric motor, batteries and controls, and may be suitable for use in a wide variety of body styles.

Prior to Monday’s announcement, Rivian had raised $2.2 billion from investors, according to an investor website, PitchBook, and has been valued at an estimated $5 billion to $7 billion.

Rivian, said on Monday that no new board seats, were added as a result of the recent investment.

T. Rowe Price have placed all the other bets in the auto sector. It’s a great Model is a shareholder and has invested in GM ” s the majority of the Cruise self-driving businesses. T. Rowe Price also invested, along with the Amazon in a self-driving car’s software to start up the Aurora and the Uk’s online food delivery business Deliveroo.

Amazon, relationships, and offerings to the automotive industry, which resulted in a $700-million-euro investment round in the Rivian in the month of February. The e-commerce giant is also ordered 100,000 electric vans and trucks from Rivian. The first of the Amazon delivery vans will have to be built on the former Mitsubishi manufacturing plant in Normal, Ill., starting in 2021.

Ford has invested $500 million in the Rivian in April, and plans to assist with the start-up of production at the Normal, by the year 2020.

“We want to maintain a meaningful value of the property, and the future of the business,” Ford spokesman T. R. Reid said of Rivian.

In November, the sources told Reuters, a battery-powered, Lincoln, SUV, due in mid-2022, it would be the first Ford vehicle was built at the Rivian in skateboarding.

Cox Automotive, Inc., the owner of Autotrader, an online automotive market, Kelley Blue Book, a vehicle valuation service, has invested over $350 million in Rivian at the end of September.

Reporting by Ben Klayman in Detroit; Editing by Sonya Hepinstall and Dan Grebler

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