Rivian adds $2.65 billion investment led by T. Rowe Price

Rivian,on Tuesday, announced a $2.65 billion investment round led by T.Rowe Price. The electric vehicle startup backed by Amazon.com Inc and Ford Motor Co that aims to put an electric pickup and SUV in production this year, also claimed to have raised $8billion since the start of 2019.

According to a person familiar with Rivian’s finanacials,the company’s new valuation with this latest investment is $27.6 billion.

While acknowledging the support of investors, Rivian’s CEO R.J. Scaringe also announced the launching of the R1T (pickup), the R1S (SUV) and the Amazon commercial delivery vehicles.

Rivian has said deliveries of pickups would start in June, while those of SUVs would begin in August. Launch editions of the vehicles are priced at $75,000 and $77,500, respectively, with a 300-mile (480 km) driving range for both.

Amazon ordered 100,000 electric vans from Rivian. The first Amazon vehicles go into production at Rivian’s factory in Normal, Illinois in late 2021, with all deliveries to be completed by 2024.

According to Scaringe,Rivian plans to follow those products with smaller models targeted at China and Europe in November.

Tuesday’s funding round also includes Fidelity Management and Research Company, Amazon’s Climate Pledge Fund, Coatue and D1 Capital Partners. Several other existing and new investors will also participate.

T. Rowe Price led a $2.5 billion funding round into Rivian last July.

Other previous investors in Rivian include Soros Fund Management, BlackRock and Saudi auto distributor Abdul Latif Jameel Co (ALJ).