Business

Rivian Electric Vehicle Making Startup Received Venture Funding From T. Rowe Price

The electric vehicle industry is already booming, and people are showing their curiosity about this new market. Recently electric vehicle startup Rivian manager grabbed more than 1.3 billion dollars of funding from T. Rowe Price. Other than T Rowe Price, Rivian received its fourth round of funding from Amazon, Ford Motors co also. Rivian is considered one of the best startups in the electric vehicle industry, where Tesla is already dominating.

R.J. Scaringe, who is the Chief Executive of Rivian, said that this funding would boost the confidence of his team, technology, and other factors. Electric vehicles are the new big things in the automobile industry because many big companies are investing billions of dollars into this field. As of now, Tesla Inc is that company that is currently ruling this market. The traditional way of manufacturing cars is getting obsolete, and that’s why Ford, General Motors, has invested a considerable chunk of money in EVs. Rivian was founded in 2009, which is focused on building fully electric-powered pick-up trucks and SUVs.

Before this announcement, Rivian managed to raise more than than $2.2 billion from investors.

The valuation of Rivian after yesterday’s funding received from big players is still not precise, but it’s estimated the company’s total valuation has exceeded investor expectations. Rivian is trying to compete with Tesla, which has recently launched Cybertruck. Fully electric powered pick-up trucks and SUVs’ first models are planned to be launched in 2020 by Rivian. Still, big investors are trying to invest more in this Startup, which will later fetch lucrative returns. When asked about ownership dilution, Rivian said no new board seats have added to their management. It also means the controlling power still lies with this new start-up. T Rowe Price is a significant Investor in Rivians rivals like Tesla, self-driving car startup Aurora and many companies.