Rivian R1T electric truck
Electric vehicle startup Rivian on Friday said it closed a $2.5 billion investment round led by funds and accounts advised by T. Rowe Price Associates as the company moves closer to production of an all-electric pickup and SUV.
Other participants in the round included Soros Fund Management, Coatue, Fidelity Management and Research Company as well as Baron Capital Group. Existing shareholders Amazon and funds managed by BlackRock also participated.
The funding comes as the company continues to renovate a former Mitsubishi plant in Normal, Illinois, to produce its vehicles as well as a line of EV vans. Amazon preordered 100,000 of the vans last year…