Electric vehicle-maker Rivian said Friday it closed on a $2.5 billion investment round led by T. Rowe Price.
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Soros Fund Management, Coatue Management, Fidelity Management and Research and Baron Capital Group participated in the round, as did existing shareholders Amazon and BlackRock-managed funds, the company said in a written statement.
Although Plymouth, Michigan-based Rivian does not have a vehicle on the market yet, it has raised $3.1 billion in total funds since its inception in 2009, according to Crunchbase data. The $3.1 billion does not take account of the $2.5 billion it just raised. Its last raise was a $1.5 billion growth round led by T. Rowe Price in December.
The company plans to get its line of vehicles–the R1T pickup, R1S SUV and Amazon delivery vehicles–out next year from its manufacturing plant in Normal, Illinois. In September 2019, Amazon ordered 100,000 of the vans, Rivian said. That follows Amazon’s $700 million funding round early last year.
CNBC reported that timeline will put Rivian ahead of other electric car manufacturers, such as Nikola Motor and Tesla, who are working on similar vehicles.
Photo of Rivian R1T pickup by Andi Hedrick.
Blogroll illustration: Li-Anne Dias