EV Automobile Company Rivian raises $2.5B in funding
Detroit, 11th July 2020: Tesla rival electric vehicle startup Rivian raises another USD 2.5 billion in funding led by funds and accounts advised by investment firm T Rowe Price.
The company has a contract with Amazon to build 100,000 electric delivery vans starting next year at its factory, a former Mitsubishi plant in Normal, Illinois. Rivian also is rolling out a pickup truck and an SUV for sale to consumers next year.
The company said Friday that investors in this round include Soros Fund Management, Coatue, Fidelity Management, and Research, and Baron Capital Group. Amazon and hedge fund BlackRock have invested previously and also are part of this round, Rivian said. The new investment won't bring any more seats to the Rivian board, the company said.
In April of 2019, Ford in...