The investment announcement is Rivian's first in 2020 and surpasses its combined funding to date.
In December, Rivian closed an investment round of $1.3 billion. The financing was led by funds and accounts advised by T. Rowe Price. However, no new seats at the board have been created. Rivian expects to manufacture 100,000 of the vans and begin delivery in 2021.More news: Apple tells Macbook users not to cover cameras
Rivian is now developing its R1T pickup truck for the first production run, which is set to begin in early 2021 at its production facility in Normal, Illinois. Both models will be built on Riivian's "skateboard architecture", which contains all of the vehicle's batteries and electrical components.
Clearly producing an electric vehicle costs big money, and Rivian has done well in that arena, which is often hard to do.
Several of Rivian's investors are also its future customers. However those plans have been put on hold due to the "current environment", Ford said in May. Ford participated in this round, adding to a $500 million investment that it gave Rivian in April.More news: One new case of COVID-19
Amazon wants the Rivian electric delivery vehicles to be on the road as early as next year.
Amazon's efforts to electrify its delivery fleet may potentially converge with its emerging autonomous driving strategy in the future. Rivian will also start production of R1S and the Amazon delivery vans next year. Moreover, while Tesla is still planning to set up a facility for the Cybertruck's manufacturing process, Rivian has already found an abandoned Mitsubishi Motors plant in Normal, Illinois, and is spending more than $750 million to equip, renovate and expand the facility ahead of production. Lordstown Motors revealed its Endurance electric pickup in June.
Nikola is building commercial fuel cell trucks for the trucking industry, but is also developing an electric pickup called the Badger, to compete with the best-selling Ford F-Series pickup and trucks from GM and GMC, as well as Rivian's R1T pickup.More news: OnePlus Nord's specifications leaked: Six cameras, 90Hz screen, 5G chipset
Rivian's latest fundraising was joined by Soros Fund Management, Coatue Management, Fidelity Management and Research Co, and Baron Capital Group.