Electric-Truck Startup Rivian Raises $2.65 Billion As It Prepares For 3 Vehicle Launches
Michigan-based electric-truck start-up Rivian said that it has raised $2.65 billion in new cash from a group of investors led by mutual-fund giant T. Rowe Price (NASDAQ: TROW).
The company, which already counts Ford Motor Company (NYSE: F) and Amazon (NASDAQ: AMZN) among its investors, said that it will use the new cash to scale its business as it brings three models to market in 2021. The new investments will bring Rivian's valuation to $27.6 billion once this funding round closes.
Rivian has previously announced that it will begin deliveries of its R1T luxury electric pickup, the closely related R1S SUV, and an electric delivery vehicle for Amazon by year-end.
Source Fool.com
