Tesla rival Rivian adds US$2.5 billion investment led by T Rowe Price

FILE PHOTO: The logo for electric vehicle startup Rivian is seen on the hood of its new R1T all-electric truck in Mill Valley, California, U.S., January 25, 2020.

REUTERS: Electric vehicle startup Rivian, which is backed by Amazon and Ford Motor and aims to put an electric pickup and SUV in production in 2021, boosted its war chest further with a US$2.5-billion investment round led by T Rowe Price, Rivian said Friday (Jul 10).

The deal comes on the heels of electric car maker Tesla’s meteoric rise in valuation and the recent public offering of Nikola Corp. Both Tesla and Nikola are planning electric pickups to rival Rivian.

The new round takes total investment in Rivian to at least US$6 billion, including a US$1.3 billion round in December led by T Rowe Price and including Amazon, Ford and BlackRock, according to investor website Pitchbook.

Rivian’s latest fundraising was joined by Soros Fund Management, Coatue Management, Fidelity Management and Research Company, and Baron Capital Group Amazon and BlackRock also participated.

 

Z24 News

Leave a Reply

Your email address will not be published. Required fields are marked *

Next Post

Tennis: Organisers revamp Wimbledon men's seedings

Fri Jul 10 , 2020
LONDON: The men’s singles seedings will revert to the world rankings at next year’s Wimbledon, after almost two decades of being based on grass-court form, organisers announced on Friday (Jul 1). The All England Lawn Tennis & Croquet Club (AELTC) said they had taken the decision after consultations with various […]

Share

Social menu is not set. You need to create menu and assign it to Social Menu on Menu Settings.