Electric vehicle startup Rivian said on Monday it closed a $1.3 billion investment round led by T. Rowe Price and including existing investors Amazon.com and Ford Motor Co.
The investment round, which also included BlackRock Inc, is the fourth this year for Rivian and positions the Plymouth, Michigan-based company as one of the better-financed players in a crowded EV manufacturing market where Tesla Inc is the most established player…
Founded in 2009, Rivian plans to build an all-electric pickup truck, the R1T, and the companion R1S SUV, starting in late 2020. Both models are based on a Rivian-designed “skateboard,” a chassis that bundles electric motor, batteries and controls and can accommodate a variety of body styles.
Prior to Monday’s announcement, Rivian had raised $2.2 billion from investors, according to investor website PitchBook, and was valued at an estimated $5 billion to $7 billion.