Electric automaker Rivian just added another $2.5 billion in funding as it readies for the launch of its debut vehicles next year.
The news, announced Friday, brings the company’s total raised to date to over $5 billion in a round that saw new investors in Soros Fund Management LLC, Coatue, Fidelity Management and Research Company and Baron Capital Group. Amazon and BlackRock funds, which were involved in previous rounds, also participated.
The latest raise does not include additions to the Rivian board.
The company has increased its presence in Irvine, where it has teams handling its battery systems, vehicle dynamics and customer service. More recent industry chatter pegged a move of the automaker’s headquarters to the city, which has yet to be confirmed.
Rivian is slated to roll out its first vehicles to the market next year. Those include the R1T, R1S and delivery vehicles for Amazon.
“With all three launches occurring in 2021, our teams are working hard to ensure our vehicles, supply chain and production systems are ready for a robust production ramp up,” Rivian founder and CEO RJ Scaringe said in a statement announcing the funding.
The capital infusion follows a busy 2019, which saw Amazon lead a $700 million round in February. That was followed up in April with a $500 million raise that included Ford Motor Co. and then another $350 million in September in a round involving Cox Automotive. Rivian capped the year with $1.3 billion from Amazon, Ford and funds from T. Rowe Price Associates and BlackRock.
Rivian’s not the only local automaker seeing new investment come its way. Irvine-based Karma Automotive disclosed this week $100 million in new funding, in addition to a partnership with Shanghai technology firm Pateo on a boost to connectivity within the Karma Revero GT.
The deal was noted by Karma CEO Lance Zhou as a move signaling the automaker’s readiness for mass production in China.
