The electric automaker, Rivian, announced Friday its newest investment round of $2.5 billion. This comes as the company prepares to begin production in Normal.
T. Rowe Price Associates, Inc. led and advised the funds and accounts for the financing. Participants in the investment round include Soros Fund Management LLC, Coatue, Fidelity Management and Research Company and Baron Capital Group.
Current 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,” Rivian founder and CEO RJ Scaringe said in a statement.
"We are grateful for the strong investor support that helps enable us to focus on execution of our products."
Rivian announced several multimillion-dollar investments totaling to $2.8 billion, from companies in 2019. This includes Amazon, Ford and Cox Automotive.
T. Rowe Price led a previous investment round of $1.3 billion in December 2019.
“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,” portfolio manager of T. Rowe Price’s Growth Stock Fund Joe Fath said.