Rivian, an electric vehicle (EV) startup, has announced a new $2.5 billion investment.
According to a Rivian news release, the recent round of funding for the EV startup was led by “funds and accounts advised by T. Rowe Price Associates, Inc.” This marks its first round of funding completed for the current year.
Here are the companies that took part in the $2.5 billion investment.
- Soros Fund Management LLC
- Fidelity Management and Research Company
- Baron Capital Group
- Amazon (NASDAQ:AMZN)
- Funds managed by BlackRock (NYSE:BLK).
Rivian notes that it currently doesn’t have much to say about the details of the investment found. However, the EV startup does mention that it isn’t adding any additional seats to its Board of Directors at this time.
RJ Scaringe, founder and CEO of Rivian, said this about the EV startup funding news.
“We are focused on the launch of our R1T, R1S and Amazon delivery vehicles. With all three launches occurring in 2021, our teams are working hard to ensure our vehicles, supply chain and production systems are ready for a robust production ramp up. We are grateful for the strong investor support that helps enable us to focus on execution of our products.”
This recent round of funding for Rivian sets the company up to better compete against its rivals in the EV market. That includes larger names like Tesla (NASDAQ:TSLA) and Nikola (NASDAQ:NKLA). It also looks like carmaker Fisker could be entering the public market soon if Spartan Energy (NYSE:SPAQ) is able to acquire the company.
As of this writing, William White did not hold a position in any of the aforementioned securities.