Rivian, an Irvine, Calif.-based electric vehicle manufacturer, closed a funding round of $2.5 billion.
The financing was led by funds and accounts advised by T. Rowe Price Associates, Inc., with participation from Soros Fund Management, Coatue, Fidelity Management and Research Company, and Baron Capital Group and existing shareholders Amazon and funds managed by BlackRock.
The investment will enable the company to focus on the launch of its R1T, R1S and Amazon delivery vehicles, which will occur in 2021.
Led by Founder and CEO RJ Scaringe, Rivian is an electric vehicle manufacturer advancing the R1T and R1S, which deliver up to 400+ miles of range and provide performance, off-road capability and utility. These vehicles use the company’s flexible skateboard platform and will be produced at Rivian’s manufacturing plant in Normal, Ill., with customer deliveries expected to begin in 2021. The company has also developed and vertically integrated a connected electric platform that can be applied to a range of applications including its vehicles as well as B2B products such as the Amazon last mile delivery vans.