Log in
Show password
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 


SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

T Rowe Price : EV startup Rivian announces $2.5 bln funding round led by Amazon, Ford

07/23/2021 | 04:17pm EDT

DETROIT, July 23 (Reuters) - Electric car startup Rivian said on Friday it has closed a $2.5 billion fundraising round led by investors Amazon.com Inc, Ford Motor Co and T. Rowe Price.

The announcement came the day after the California-based company said it was exploring building a second U.S. assembly plant. Reuters, citing unnamed sources, reported on Thursday that Rivian's planned plant, dubbed "Project Tera," will include battery cell production.

“As we near the start of vehicle production, it’s vital that we keep looking forward and pushing through to Rivian’s next phase of growth,” Rivian Chief Executive R.J. Scaringe said in a statement.

“This infusion of funds ... allows Rivian to scale new vehicle programs, expand our domestic facility footprint, and fuel international product rollout,” he added.

Rivian, which has a plant currently in Normal, Illinois, said it has raised about $10.5 billion to date. It will seek a valuation of well over $50 billion in a potential public listing later this year, a source previously told Reuters.

Automakers are racing to develop EVs as China, Europe and other countries and regions mandate lower carbon emissions. Rivian aims to compete when it rolls out its R1T pickup and R1S SUV, as well as a delivery van for Amazon.

Scaringe said in a letter to customers last week that COVID-19 had delayed the launch of its vehicles. The first deliveries of the R1T, previously slated for July, were pushed to September, while the R1S was delayed to autumn.

Scaringe told Reuters last November that Rivian planned to follow the initial three vehicles with smaller models targeted at China and Europe where it may eventually build vehicles.

In addition to Amazon's Climate Pledge Fund, Ford and funds managed by T. Rowe Price, Friday's funding round also was led by D1 Capital Partners. It also included participation by Third Point, Fidelity Management and Research Co, Dragoneer Investment Group and Coatue, Rivian said. (Reporting by Ben Klayman; editing by Diane Craft and Marguerita Choy)

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AMAZON.COM, INC. -2.78% 3309.81 Delayed Quote.5.18%
T. ROWE PRICE GROUP, INC. -4.46% 202.5185 Delayed Quote.39.52%
All news about T. ROWE PRICE GROUP, INC.
09/27WRAPUP 3-PBOC promises to protect consumers as China Evergrande teeters
09/20T. Rowe Price Appoints Craig Hurt as a New Head for Institutional for Australia and New..
09/15AMAZON COM : Rivian aims to raise as much as $8 billion in IPO -sources
09/14Redwood, led by Tesla co-founder, to build battery materials in U.S.
09/14T. ROWE PRICE GROUP, INC. : Ex-dividend day for
09/13T ROWE PRICE : Logs Increase in August Assets Under Management
09/13T ROWE PRICE : Reports Preliminary Month-End Assets Under Management For August 2021
09/13T ROWE PRICE : PRESS RELEASE - CAPTRUST Launches Direct Fiduciary Program with T. Rowe Pri..
09/08Lilac Solutions, Inc. announced a financing transaction
09/06Schroders among asset managers failing to make best practice list
More news
Analyst Recommendations on T. ROWE PRICE GROUP, INC.
More recommendations
Financials (USD)
Sales 2021 7 701 M - -
Net income 2021 3 109 M - -
Net cash 2021 3 752 M - -
P/E ratio 2021 16,1x
Yield 2021 3,55%
Capitalization 48 083 M 48 083 M -
EV / Sales 2021 5,76x
EV / Sales 2022 5,26x
Nbr of Employees 7 804
Free-Float 99,0%
Duration : Period :
T. Rowe Price Group, Inc. Technical Analysis Chart | TROW | US74144T1088 | MarketScreener
Technical analysis trends T. ROWE PRICE GROUP, INC.
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus HOLD
Number of Analysts 12
Last Close Price 211,88 $
Average target price 204,18 $
Spread / Average Target -3,63%
EPS Revisions
Managers and Directors
William Joseph Stromberg Chairman & Chief Executive Officer
Robert Wade Sharps President & Group Chief Investment Officer
Jennifer B. Dardis Chief Financial Officer & Treasurer
Nigel K. Faulkner Head-Global Technology
Robert Charles Trant Higginbotham Chief Operating Officer
Sector and Competitors