EV start-up Rivian raises $2.65 billion in new funding round led by T. Rowe Price

Rivian, the electric vehicle start-up backed by Amazon and Ford Motor, on Tuesday said it closed on a $2.65 billion investment round led by T. Rowe Price funds as the company moves closer to production of an all-electric pickup and SUV.

The company has raised about about $8 billion since 2019. Rivian closed on a $2.5 billion investment round last year, also led by T. Rowe Price; a $1.3 billion funding round in December 2019; and had raised at least $1.5 billion before that.

Other participants in the round included Fidelity, Amazon’s Climate Pledge Fund, Coatue and D1 Capital Partners as well as several other existing and new investors, according to the company.

Rivian is expected to be among the first, if not the first, to bring an all-electric pickup to market later this year.