Start-up of electric vehicles Rivian Automotive LLC has raised another $ 2.65 billion, consolidating its balance sheet as it seeks an advantage in the fledgling electric truck market.
Asset Manager T. Rowe Price Associates Inc. led the round, which also included Fidelity Investments, Coatue Management and Amazon.com Inc., which have already backed the automaker, Rivian said Tuesday. The capital inflow for the company from Irvine, California, reached a valuation of 27.6 billion dollars, according to a person familiar with the problem, and adds to 5.35 billion dollars that the company raised in five rounds previous funding, dating from 2019.
Car manufacturer Ford Motor Co. also owns a stake in Rivian after investing $ 500 million in 2019. It was unclear whether Ford participated in this round.
The new money will allow the company to focus on launching three products this year as they expand for growth, RJ Scaringe, Rivian’s founder and CEO, said in a statement.
The new round of financing illustrates that the torrent of new investment in electric vehicle companies shows no signs of slowing so far in 2021. Investors bet that smaller challengers may take over old carmakers, leading to valuations for all electric vehicle companies last year .