Electric car company Rivian announces new investments

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NORMAL, Ill. (WMBD) — Rivian has announced it has raised $2.65 billion in financing, bringing the total funding raised to $8 billion since the start of 2019.

The financing was led by funds and accounts advised by T. Rowe Price Associates, Inc. This round also included Fidelity Management and Research Company, Amazon’s Climate Pledge Fund, Coatue and D1 Capital Partners as well as several other existing and new investors.

“We have been eagerly anticipating the arrival of 2021, and with it, the exhilaration of Rivian starting to deliver its revolutionary products to customers.  It is invigorating for us to continue our journey with such a talented, mission-driven team building a robust organization for the long term,” said Joe Fath, T. Rowe Price portfolio manager.

The electric car company announced in September 2019 it was developing a custom electric delivery van for Amazon utilizing Rivian’s skateboard platform and that 100,000 of these vans had been ordered with customer deliveries starting in 2021.

“This is a critical year for us as we are launching the R1T, the R1S and the Amazon commercial delivery vehicles. 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,” said Rivian Founder and CEO RJ Scaringe.

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