The electric SUV Rivian R1S
Source: Rivian
Rivian, the electric vehicle start-up backed by Amazon and Ford Motor, said Tuesday it was closed a $ 2.65 billion investment round led by T. Rowe Price funds as the company approaches production of a fully electric pickup and SUV.
The company has raised about $ 8 billion since 2019. Rivian completed a $ 2.5 billion investment round last year, also led by T. Rowe Price; a $ 1.3 billion round of funding in December 2019; and 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 existing and new investors, according to the company.
Rivian is expected to be among the first, if not the first, to bring a fully electric pickup to the market later this year.