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 $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's post-money valuation is now $27.6 billion, according to a person familiar with the company.
Rivian is expected to be among the first, if not the first, to bring an all-electric pickup to market this summer.
Despite being an unproven market for consumers, electric pickups are expected to be a highly competitive segment. General Motors, Tesla and start-up automakers such as Lordstown Motors are expected to launch electric pickups as early as this year. Ford has plans to introduce an electric version of its F-150 pickup by mid-next year.
Rivian has developed and vertically integrated a connected electric platform that can be used on a range of vehicles, including the R1T pickup, a SUV called the R1S and delivery vans.
Amazon has preordered 100,000 vans from Rivian, which are expected to be fully deployed by 2024. The vans and SUV are expected to begin deliveries late this year.
Rivian is taking preorders for its all-electric pickup and SUV that include $1,000 refundable deposits.