T. Rowe Price teamed up with Amazon.com (AMZN) - Get Amazon.com Inc. Report, Ford (F) - Get Ford Motor Company Report and BlackRock on Monday to pump $1.3 billion into electric-truck startup Rivian, ramping up the competition with EV market-leader Tesla (TSLA) - Get Tesla Inc. Report.
The Plymouth, Mich.-based electric-truck startup now expects to start delivering its first two vehicles, the R1T, an electric pickup truck, and R1S, an SUV, in late 2020. It marks the fourth major injection of investor cash this year into Rivian, for a total of $2.85 billion.
Rivian has a 2.6-million-square-foot manufacturing plant in Normal, Ill., as well as development centers in Plymouth, Mich.; San Jose; Irvine, Calif.; Vancouver; and Surrey in the United Kingdom.
"This investment demonstrates confidence in our team, products, technology and strategy - we are extremely excited to have the support from such strong shareholders," said Rivian founder and CEO RJ Scaringe, in a statement.
The two electric trucks feature a range of more than 400 miles, with the pickup expected to retail at $69,000 and the SUV for $72,500.
In late September, Rivian announced it was working with Amazon to develop an electric delivery van using the electric-truck company's platform. Rivian has booked an order from the online retail and tech giant for the delivery of 100,000 EV delivery trucks, with the first vehicles to start rolling off the assembly line in 2021.
Amazon previously announced in February it was investing $700 million in Rivian.
Rivan also is teaming up with Ford to help the No. 2 U.S. automaker develop a new electric vehicle using Rivian's "skateboard platform." Ford announced in April it would invest $500 million in Rivian.