EV start-up Rivian raises $2.65 billion in new funding round led by T. Rowe Price

Rivian, the electrical car start-up backed by Amazon and Ford Motor, on Tuesday mentioned it closed on a $2.65 billion funding round led by T. Rowe Price funds as the corporate strikes nearer to manufacturing of an all-electric pickup and SUV.

The firm has raised about $8 billion since 2019. Rivian closed on a $2.5 billion funding round final yr, additionally led by T. Rowe Price; a $1.3 billion funding round in December 2019; and had raised a minimum of $1.5 billion earlier than that.

Other members in the round included Fidelity, Amazon’s Climate Pledge Fund, Coatue and D1 Capital Partners in addition to a number of different current and new buyers, in line with the corporate. Rivian’s post-money valuation is now $27.6 billion, in line with an individual aware of the corporate.

Rivian is predicted to be among the many first, if not the primary, to deliver an all-electric pickup to market this summer season.

Despite being an unproven marketplace for customers, electrical pickups are anticipated to be a extremely aggressive section. General Motors, Tesla and start-up automakers reminiscent of Lordstown Motors are anticipated to launch electrical pickups as early as this yr. Ford has plans to introduce an electrical model of its F-150 pickup by mid-next yr.

Rivian has developed and vertically built-in a related electrical platform that can be utilized on a spread of autos, together with the R1T pickup, a SUV known as the R1S and supply vans.

Amazon has preordered 100,000 vans from Rivian, that are anticipated to be absolutely deployed by 2024. The vans and SUV are anticipated to start deliveries late this yr.

Rivian is taking preorders for its all-electric pickup and SUV that embody $1,000 refundable deposits.