- Electric vehicle company Rivian has raised $2.65 billion in a new round of funding led by T. Rowe Price at a reported post-money valuation of $27.6 billion
Michigan-based electric vehicle company Rivian has raised $2.65 billion in a new round of funding led by T. Rowe Price. This round of funding is based on a reported post-money valuation of $27.6 billion.
Rivian — which is nearing the rollout of its all-electric pickup truck and SUV — is backed by a number of major players in the tech and auto space, including Amazon, Ford Motor Company, Fidelity, and Coatue. Since being founded in 2009, Rivian has raised around $8 billion.
It is expected that Rivian will be one of the first companies to introduce an all-electric pickup truck this summer. However, they will soon be finding themselves competing intensely against Tesla, General Motors, and Lordstown Motors. And Ford is going to launch an electric version of the Ford F-150 pickup truck next year.
Amazon’s investment in Rivian was strategic. They are also a customer of the company as it ordered 100,000 vans from Rivian — which are expected to be fully rolled out by 2024.
