Plymouth Township-based electric vehicle manufacturer Rivian has closed an investment round of $2.65 billion led by T. Rowe Price Associates Inc. and other investors, bringing the value of the company to a reported $27.6 billion.
The investment comes as the company prepares to start production of its all-electric pickup truck this summer at its plant in Normal, Ill. (near Bloomington)
“This is a critical year for us as we are launching the R1T, the R1S, and the Amazon commercial delivery vehicles,” says R.J. Scaringe, founder and CEO of Rivian. “The support and confidence of our investors enables us to remain focused on these launches while simultaneously scaling our business for our next stage of growth.”
Other investors in the investment round included Fidelity Management and Research Co., Amazon’s Climate Pledge Fund, Coatue, and D1 Capital Partners as well as several other existing and new investors.
In addition to production of its new pickup, Rivian is developing the R1S SUV, fulfilling an order of 100,000 delivery vehicles for Amazon, overhauling its 3.5-million-square-foot factory, and building its EV charging network.
In 2019, Rivian welcomed investments from Amazon, Ford Motor Co., Cox Automotive, and several other entities.
Last year, the company announced a $2.5 billion funding round also led by funds and accounts advised by T. Rowe Price.
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