The electric automaker Rivian has pulled in another $2.5 billion—its largest single investment round to date—as it prepares to begin production in Normal.
Rivian, which has grown from stealthy startup to lead candidate to bring the first electric pickup to market, announced the new investment Friday. The financing was led by funds and accounts advised by T. Rowe Price. That includes money from Soros Fund Management LLC, founded by billionaire philanthropist George Soros; the tech sector hedge fund Coatue; the Fidelity Management and Research Co.; and Baron Capital Group, founded by Ron Baron.
Existing shareholders Amazon and funds managed by BlackRock also participated.
“We are focused on the launch of our R1T, R1S and Amazon delivery vehicles. With all three launches occurring in 2021, our teams are working hard to ensure our vehicles, supply chain and production systems are ready for a robust production ramp up. We are grateful for the strong investor support that helps enable us to focus on execution of our products,” Rivian Founder and CEO RJ Scaringe said in a statement.
In 2019 Rivian announced several multimillion-dollar investments totaling $2.8 billion, from companies such as Amazon, Ford, and Cox Automotive.
“We are excited to continue this journey with Rivian’s innovative and talented team as they now prepare to deliver their groundbreaking products that help shift to a carbon-neutral planet,” said Joe Fath, portfolio manager of T. Rowe Price’s Growth Stock Fund.
Rivian plans to make its electric vehicles at its Normal manufacturing plant. The company already has 350 employees in Normal, with plans to hire hundreds more.
Rivian says it’s investing over $750 million into the plant to get it ready for production. It acquired the plant for $16 million in 2017, after Mitsubishi Motors shut it down and moved out.
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