Rivian R1S electric SUV
Source: Rivian
Rivian, the electric vehicle startup backed by Amazon and Ford Motor, said it has closed on Tuesday a $ 2.65 billion round of investment led by T. Rowe Price funds as the company gets closer to producing a fully electric pickup and SUV.
The company has raised approximately $ 8 billion since 2019. Rivian closed a $ 2.5 billion round of investment last year, also led by T. Rowe Price; a $ 1.3 billion funding round in December 2019; and had raised at least $ 1.5 billion for that.
Other participants in the round included Fidelity, Amazon’s Climate Pledge Fund, Coatue and D1 Capital Partners, as well as several other existing and new investors, the company said.
Rivian is expected to be one of the first, if not the first, to release an all-electric pickup later this year.