Tesla rival Rivian adds $2.5 billion investment led by T. Rowe Price
Reuters
Published Jul 10, 2020 09:34
Updated Jul 10, 2020 12:24
(Reuters) - Electric vehicle startup Rivian, which is backed by Amazon (O:AMZN) and Ford Motor (N:F) and aims to put an electric pickup and SUV in production in 2021, boosted its war chest further with a $2.5-billion investment round led by T. Rowe Price (O:TROW), Rivian said Friday.
The deal comes on the heels of electric car maker Tesla's (O:TSLA) meteoric rise in valuation and the recent public offering of Nikola Corp (O:NKLA). Both Tesla and Nikola are planning electric pickups to rival Rivian.
The new round takes total investment in Rivian to at least $6 billion, including a $1.3 billion round in December led by T. Rowe Price and including Amazon, Ford and BlackRock (NYSE:BLK), 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.
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Written By: Reuters
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