Rivian loads up with $2.5 billion as investors scramble for electric vehicles

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The R1T electric truck is one of three models that Rivian plans to deliver starting next year. (Courtesy of Rivian)

Rivian has banked another $2.5 billion in a round led by T. Rowe Price, bringing the electric vehicle maker’s haul to more than $5 billion in just over a year. The latest investment is Rivian’s largest yet on its road to 2021 commercialization.

New investors Soros Fund Management, Coatue, Fidelity Management & Research and Baron Capital Group joined the round alongside existing investors Amazon and BlackRock. T. Rowe Price also led a $1.3 billion investment in Rivian last December.

Next year, the Plymouth, Mich.-based company will launch its first two models, the R1T truck and R1S SUV, and expects to deliver its first electric delivery vans for Amazon. Ford and Rivian are also reportedly collaborating on a vehicle despite the cancellation of an SUV project with Ford-owned Lincoln earlier this year. 

Last week, investors buoyed Tesla‘s market cap to dethrone rival Toyota as the world’s most valuable carmaker. And California-based electric vehicle manufacturer Fisker is reportedly being targeted as an acquisition by a blank-check company backed by Apollo Global Management.

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