Electric SUV Rivian R1S
Source: Rivian
Rivian, the electric vehicle start-up backed by Amazon and Ford Motor, said on Tuesday it closed on a $ 2.65 billion investment round led by T. Rowe Price funds as the company approaches the production of a fully electric pickup and SUV.
The company has raised about $ 8 billion since 2019. Rivian closed a $ 2.5 billion investment round last year, also led by T. Rowe Price; a $ 1.3 billion financing round in December 2019; and had raised at least $ 1.5 billion before that.
Other participants in the round included Fidelity, Amazon’s Climate Pledge Fund, Coatue and D1 Capital Partners, as well as several other new and existing investors, according to the company.
Rivian should be among the first, if not the first, to bring a fully electric pickup to the market later this year.