The launch of electric vehicles Rivian Automotive LLC has raised another $ 2.65 billion, bolstering its balance sheet as it seeks an edge in the nascent electric truck market.
Asset Manager T. Rowe Price Associates Inc. led the round, which also included Fidelity Investments, Coatue Management and Amazon.com Inc., which have already backed the automaker, Rivian said Tuesday. The capital inflow for the Irvine, California-based company reached a valuation of $ 27.6 billion, according to a person familiar with the matter, and adds to the $ 5.355 billion the company raised in five previous rounds of funding dating back to 2019.
Automaker Ford Motor Co. it also has a stake in Rivian after investing $ 500 million in 2019. It was unclear whether Ford participated in that round.
The new money will allow the company to focus on launching three products this year while boosting growth, RJ Scaringe, founder and CEO of Rivian, said in a statement.
The new round of financing illustrates that the torrent of new investments in electric vehicle companies shows no signs of slowing down until 2021. Investors are betting that smaller challenges can be taken on by legacy carmakers, causing all electric vehicle companies face off last year.