(Reuters) – Electric vehicle startup Rivian said on Monday it closed a $1.3 billion investment round, led by fund manager T. Rowe Price but also including existing investors online retailer Amazon.com Inc (AMZN.O) and No. 2 U.S. automaker Ford Motor Co. (F.N)
FILE PHOTO: Rivian introduces all-electric R1S SUV at Los Angeles Auto Show in Los Angeles, California, U.S. November 27, 2018. REUTERS/Mike Blake/File Photo
The investment round, which also included BlackRock Inc(BLK.N), is the fourth this year for Rivian and positions the Plymouth, Michigan-based company as one of the better-financed players in a crowded EV manufacturing market where Tesla Inc (TSLA.O) is the most established player.
“This investment demonstrates confidence in our team, products, technology and strategy,” Rivian Chief Executive R.J. Scaringe said in a statement.
Electric vehicles still make up only a small piece of the global automotive market. While Tesla is the best-known maker, China and Europe are pushing automakers to roll out EVs, and Ford, General Motors Co (GM.N) and others have announced plans to spend billions of dollars developing the vehicles.
Founded in 2009, Rivian plans to build an all-electric pickup truck, the R1T, and the companion R1S SUV, starting in late 2020. Both models are based on a Rivian-designed “skateboard,” a chassis that bundles electric motor, batteries and controls and can accommodate a variety of body styles.
Prior to Monday’s announcement, Rivian had raised $2.2 billion from investors, according to investor website PitchBook, and was valued at an estimated $5 billion to $7 billion.
Rivian said on Monday no new board seats were added as a result of the latest investment.
T. Rowe Price has placed other bets in the auto sector. It is a large Tesla shareholder and also has invested in GM’s majority-owned Cruise self-driving division. T. Rowe Price also invested, along with Amazon, in self-driving car software startup Aurora and British online food delivery company Deliveroo.
Amazon, which has relationships and deals across the auto industry, led a $700 million investment round in Rivian in February. The e-commerce giant also ordered 100,000 electric delivery vehicles from Rivian. The first Amazon vans will be built at a former Mitsubishi plant in Normal, Illinois, starting in 2021.
Ford invested $500 million in Rivian in April and plans to help it begin production in Normal in 2020.
“We want to maintain a meaningful value in the ownership and future of that company,” Ford spokesman T.R. Reid said of Rivian.
In November, sources told Reuters a battery-powered Lincoln SUV, due in mid-2022, would be the first Ford vehicle to be built on the Rivian skateboard.
Cox Automotive Inc, owner of the Autotrader online automobile market and Kelley Blue Book car valuation service, invested $350 million in Rivian in September.
Reporting by Ben Klayman in Detroit; Editing by Sonya Hepinstall and Dan Grebler
PepsiCo Makes $550 Million Celsius Investment As Hip Hop Mogul Sues For His Shares – Forbes
has its sights on gaining a bigger share of the energy drink with a $550 million investment in Celsius Holdings. The energy drink maker is also at the center of a lawsuit between Russell Simmons and his ex-wife Kimora Lee Simmons along with her husband Tim Leissner, as he tries to retrieve his shares in Celsius back from them. Allegedly Kimora Lee and Leissner transferred and were using his shares of Celsius as collateral to pay a bond in connection with these criminal charges. Leissner already pleaded guilty, and agreed to forfeit $43.7 million for his role in the Malaysia 1MDB scandal that cost Goldman more than $3 billion. Simmons alleges that his shares of Celsius are being used as collateral to pay a bond in connection with these criminal charges.
The Breakdown You Need To Know:
Celsius recorded a first-quarter domestic revenue increase of 217% to $123.5 million and the long-term distribution deal gives Pepsi a minority stake of about 8.5%. The brand, which doesn’t use artificial preservatives or sugar, adds to PepsiCo’s energy drink portfolio, which already includes Rockstar as well as Mountain Dew drinks Amp, Game Fuel, and Kickstart. CultureBanx reported that with these types of returns it’s easy to see why Simmons wants his shares back from the couple.
Quick Recap on how these three people ended up in this situation. Goldman Sachs
last year agreed to pay the Malaysian government $3.1 billion, to settle claims in the 1Malaysia Development Berhad (1MDB) fund. One of the main people who got the bank involved in this scandal was Kimora Lee’s Simmons husband Tim Leissner.
The bank swiftly parted ways with him after his shady dealings with Jho Low came to light. In November 2018, when Leissner agreed to pay $43.7 million toward victim compensation, it was in order to avoid jail time.
In his claim, Simmons says Kimora and Leissner “knew full well that Leissner would need tens of millions of dollars to avoid jail time, stay out on bail, and forfeit monies for victim compensation.” Simmons claims they used their Celsius shares as collateral for Leissner’s bail, and he wants his shares returned.
Now Russell wants no financial part in keeping Leissner out of jail. In a letter sent to his ex-wife Kimora Lee on May 5, 2021, he was pleading with her to do the right thing and avoid a lawsuit. He wrote that “I am shocked and saddened to see how your side has behaved in response to my repeated attempts to get an agreement from you to rightfully and legally reaffirm my 50% of the Celsius shares..which have been locked up with the government after being used for your husband’s bail money.”
A representative for Kimora Lee said “Kimora and her children are shocked by the extortive harassment coming from her ex-husband, Russell Simmons, who has decided to sue her for shares and dividends of Celsius stock in which Kimora and Tim Leissner invested millions of dollars.” At this point Russell is asking a judge for damages against Kimora and Leissner and believes he should be awarded restitution for interest and equal value for the wrongfully obtained shares.
Saskatchewan Leads Provinces In Building Construction Investment | News and Media – Government of Saskatchewan
Released on August 12, 2022
Saskatchewan first among the provinces in year-over-year growth
Today, Statistics Canada released June 2022 Investment in Building Construction numbers, which showed Saskatchewan with a 63.0 per cent increase (seasonally adjusted) compared to June 2021, ranking first among the provinces in terms of percentage change.
Saskatchewan also had strong month-to-month growth for building construction investment with a 17.6 per cent increase (seasonally adjusted) between May 2022 and June 2022, second among the provinces. The value of building construction investment in June 2022 was $464 million, the highest monthly investment in the province since August 2013.
Investment in residential building construction also saw strong month-to-month growth with an increase of 24.0 per cent.
“Saskatchewan’s economy is moving full steam ahead as we advance our Government’s strategy to increase our exports and attract investment into the province,” Trade and Export Development Minister Jeremy Harrison said. “Saskatchewan is a global leader in the sustainable production of the food, fuel and fertilizer that the world needs, a reality that will lead to more jobs and opportunities in our province for years to come.”
The latest Statistics Canada Labour Force Survey showed there were 581,600 people employed in July 2022 – an increase of 24,400 jobs (+4.4 per cent) compared to July 2021, the third highest percentage increase among the provinces. The seasonally adjusted unemployment rate of 4.0 per cent remained the second lowest among the provinces, a decrease from 7.1 per cent in July 2021 and well below the national average of 4.9 per cent.
Saskatchewan has ranked highly in a number of other key economic indicators in recent months, including June 2022 merchandise exports, which had the second highest year-over-year growth among the provinces at 57.3 per cent and June 2022 building permits, which had the second highest month-to-month growth among the provinces at 15.8 per cent and the third highest year-over-year growth at 27.4 per cent. June 2022 urban housing starts had the second highest year-over-year growth at 87.0 per cent, compared to the national increase of 0.2 per cent (unadjusted).
For more information, contact:
Trade and Export Development
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