Rivian Automotive, the electric truck startup backed by Amazon and Ford, reportedly has raised US$2.65bn in new funding from a group of investors led by T Rowe Price.
Bloomberg News said other investors in the round included Fidelity Investments, Amazon, Pledge Fund, Coatue Management and D1 Capital Partners, as well as several other existing and new investors. The additional funding boosts the total raised to date beyond $8bn.
Bloomberg News first reported the round earlier this month.
Rivian did not disclose a valuation, but it was around $27.6bn taking into account the new funds, according to a Bloomberg source.
Rivian will use the funds raised to launch its first electric vehicles and expand its business, CEO RJ Scaringe said in a statement cited by Bloomberg.
"This is a critical year for us as we are launching the R1T, the R1S and the Amazon commercial delivery vehicles. The support and confidence of our investors enables us to remain focused on these launches while simultaneously scaling our business for our next stage of growth," Scaringe said.
Rivian plans to build two full size BEV models – an SUV and truck – at the former Mitsubishi car plant in Normal, Illinois.
Bloomberg said Rivian was aiming for US deliveries of its R1T pickup to begin in June and in August for its R1S SUV. It previously planned to start production in late 2020 but pushed back that date in April due to unspecified supply chain issues related to the pandemic.
Rivian was founded in 2009 by Scaringe, a Massachusetts Institute of Technology graduate with a doctorate in mechanical engineering. It now employes more than 3,000 employees split between sites in California, Michigan and Normal, Bloomberg noted.