Another Investment For Rivian: What Does It Mean For The Electric Truck Maker?

Rivian has secured its fourth investment, totaling $1.3 billion, led by fund manager T.Rowe Price Associates (TROW). Amazon (AMZN), Ford (F), and BlackRock (BLK) also participated in the investment round.

“This investment demonstrates confidence in our team, products, technology and strategy – we are extremely excited to have the support from such strong shareholders,” Rivian Founder and CEO RJ Scaringe said in a statement.

This is the fourth investment for Rivian that previously secured $700 million in funding from Amazon in February and another $500 million from Ford in April. Cox Automotive also invested in the electric truck maker, providing a $350 million investment as well as partnering with the company on logistics and service.

Further showing its commitment to Rivian, Amazon ordered 100,000 electric vans from the company with delivery slated for 2021 as it looks to advance its delivery network.

Rivian’s portfolio of electric vehicles includes the all-electric R1T pickup truck that has been showcased around the country by the automaker. The company is also producing the electrified R1S SUV. Both vehicles are expected to begin delivery at the end of 2020. Global delivery is slated for 2021.

The R1T and R1S are expected to have a more than 400-mile driving range on a single charge and plenty of off-road capability. The electric vehicles use Rivian’s flexible skateboard platform that Ford is also looking to collaborate with the manufacturer on an electric vehicle using its skateboard technology platform.

Rivian has secured a 2.6 million square foot manufacturing plant in Normal, Illinois, where the R1T truck and R1S SUV will be produced. The company is currently taking orders for both vehicles.

Rivian said the investment from T.Rowe Price Associates does not include any new board seats.

Shares of T. Rowe Price stock were down 0.44% as of 2:32 p.m. on Monday while shares of Amazon stock were up 0.26% at the same time. Shares of Ford stock were down 0.53% while shares of BlackRock were down 0.09% also at the same time.