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

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