Another competitor gets a major boost.
The short version:
- Electric vehicle (EV) startup Rivian confirmed on Dec. 23 that it closed a successful funding round at $1.3 billion.
- T. Rowe Price, Amazon and Ford were the investors
- This is their 4th this year, which makes them one of the strongest competitors in the electric vehicle manufacturing market, which Tesla is the legacy player
- They previously raised 2.2 billion dollars, and was valued at a value of 5 billion to 7 billion dollars
- In February, Amazon led a 700 million dollar funding round for Rivian, and ordered 100,000 delivery EV’s from the firm
- In April, Ford invested 500 million in Rivian, planning to help kick-start production in 2020
It is great that Rivian got funding for electric vehicles. More electric vehicles will come into the world. Maybe with bigger companies getting electric vehicles, then more people will start trusting them as substantial vehicles.