Electric vehicle startup Rivian gets $2.5B in added funding | KOB 4
Advertisement

Electric vehicle startup Rivian gets $2.5B in added funding

FILE - In this Oct. 13, 2019, file photo, Illinois Gov. J.B. Pritzker, left, talks with RJ Scaringe, CEO of Rivian Automotive, about the company's innovative electric vehicle chassis called a FILE - In this Oct. 13, 2019, file photo, Illinois Gov. J.B. Pritzker, left, talks with RJ Scaringe, CEO of Rivian Automotive, about the company's innovative electric vehicle chassis called a "skateboard" during Rivian's public rollout of its new prototype vehicles in Normal, Ill. Electric vehicle startup Rivian says it has raised another $2.5 billion in funding from accounts advised by investment firm T. Rowe Price. The company has a contract with Amazon to build 100,000 electric delivery vans starting next year at its factory, a former Mitsubishi plant in Normal, Ill. (David Proeber/The Pantagraph via AP, File) |  Photo: AP


Updated: July 10, 2020 09:20 AM
Created: July 10, 2020 07:59 AM

DETROIT (AP) - Electric vehicle startup Rivian says it has raised another $2.5 billion in funding from accounts advised by investment firm T. Rowe Price.

The company has a contract with Amazon to build 100,000 electric delivery vans starting next year at its factory, a former Mitsubishi plant in Normal, Illinois. Rivian also is rolling out a pickup truck and an SUV for sale to consumers next year.

Advertisement

The company said Friday that investors in this round include Soros Fund Management, Coatue, Fidelity Management and Research, and Baron Capital Group. Amazon and hedge fund BlackRock have invested previously and also are part of this round, Rivian said.

The new investment won't bring any more seats to the Rivian board, the company said.

In April of 2019, Ford invested a half-billion dollars into Rivian and said the companies would work jointly to develop electric vehicles. That deal was in addition to a $700 million investment from Amazon that was announced in February of 2019.

Most of Rivian's operations are in San Jose and Irvine, California, but it also has a large engineering and administrative office near Detroit. The company employs about 2,300 people.


(Copyright 2020 by The Associated Press. All Rights Reserved.)

Comment on Facebook
Advertisement

Advertisement

Advertisement


Governor announces outdoor visits will be allowed at long-term care facilities

New Mexico reports 2 new deaths, 212 additional COVID-19 cases

New Mexico amends quarantine requirements for urgent medical, family needs

Gov. Lujan Grisham to hold COVID-19 press conference today

$2M cash-only bond for airman charged with murder in Arizona