Plymouth e-vehicle startup Rivian raises $2.5 billion investment led by T. Rowe Price



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Plymouth e-vehicle startup Rivian raises $2.5 billion investment led by T. Rowe Price

Rivian, the Amazon.com Inc. and Ford-backed smaller rival of e-vehicle industry trailblazer Tesla Inc., based on Plymouth, Michigan, which has been planning to launch a production line of electric pickup and SUVs by 2021, had heightened up its fiscal arsenal further with a $2.5 billion fundraising round led by the Maryland-based global investment management company T.

Rowe Price, the Michigan-based e-vehicle start-up had told in a statement late on Friday. As a matter of fact, latest fundraising campaign of Rivian that adds further $2.5 billion into its war chest and raised the amount of total investment on the start-up up to at least $6 billion to date including a $1.3 billion investment round in December last year backed by the T.

Rowe Price, Seattle retailer Amazon, United States’ second-largest traditional carmaker Ford Motor Co. and the world’s largest alternative asset management fund BlackRock, had been brought into the light at a time, while the electric carmaker Tesla Inc.

had been witnessing a meteoric rise at its valuation. Besides, on Friday’s market closure, Tesla Inc. remained as the world’s most valuable automotive industry mogul and the Tesla Inc. boss Elon Musk in tandem had become the world’s seventh-richest man, surging past the 90-year-old Berkshire Hathaway Chief Warren Buffet.

Rivian’s total investment soars to $6 billion as Nikola, Tesla eye electric pickup market

Aside from that, latest fundraising campaign of Rivian comes over the heels of a recent public offering of another e-vehicle start-up Nikola Corp., while both Tesla Inc.

and Nikola had been planning to make an entrance into the electric pickup market to take on the Ford-backed Rivian. Concomitantly, BlackRock, Amazon, Soros Fund Management, Coatue Management, Baron Capital Company alongside Fidelity Management and Research Company had participated in the latest fundraising campaign of Rivian that adds further $2.5 billion into its coffer to accelerate its R&D on electric pickup.