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

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

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Rivian R1S electrical SUV

Source: Rivian

Rivian, the electrical automobile start-up backed by Amazon and Ford Motor, on Tuesday stated it closed on a $2.65 billion financial investment round led by T. Rowe Price funds as the business moves closer to production of an all-electric pickup and SUV.

The business has actually raised about $8 billion given that 2019. Rivian closed on a $2.5 billion financial investment round in 2015, likewise led by T. Rowe Price; a $1.3 billion financing round in December 2019; and had actually raised a minimum of $1.5 billion prior to that.

Other individuals in the round consisted of Fidelity, Amazon’s Climate Pledge Fund, Coatue and D1 Capital Partners along with numerous other existing and brand-new financiers, according to the business. Rivian’s post-money appraisal is now $27.6 billion, according to an individual knowledgeable about the business.

Rivian is anticipated to be amongst the very first, if not the very first, to bring an all-electric pickup to market this summer season.

Despite being an unverified market for customers, electrical pickups are anticipated to be an extremely competitive section. General Motors, Tesla and start-up car manufacturers such as Lordstown Motors are anticipated to release electrical pickups as early as this year. Ford has strategies to present an electrical variation of its F-150 pickup by mid-next year.

Rivian has actually established and vertically incorporated a linked electrical platform that can be utilized on a variety of lorries, consisting of the R1T pickup, a SUV called the R1S and shipment vans.

Amazon has actually preordered 100,000 vans from Rivian, which are anticipated to be totally released by 2024. The vans and SUV are anticipated to start shipments late this year.

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

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