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Rivian has closed a massive $2.5 billion round of funding led by funds and accounts advised by T. Rowe Price Associates.
Participants in this investment round included Soros Fund Management LLC, Coatue, Fidelity Management and Research Company, and Baron Capital Group. Existing shareholders Amazon and funds managed by BlackRock also participated.
Rivian is set to start production on its all-electric R1T pickup and R1S sport utility vehicle.
To date, Rivian has raised nearly $6 billion, including strategic capital from companies like Ford, Amazon, and Cox Automotive in 2019.
Rivian is also developing an electric delivery van for Amazon utilizing Rivian’s skateboard platform. A total of 100,000 vans were ordered with the first deliveries expected next year.
“We are focused on the launch of our R1T, R1S and Amazon delivery vehicles,” Rivian Founder and CEO RJ Scaringe said in a release. “With all three launches occurring in 2021, our teams are working hard to ensure our vehicles, supply chain and production systems are ready for a robust production ramp up. We are grateful for the strong investor support that helps enable us to focus on execution of our products.”