Rivian Raises $2.5 Billion, Aiming to Launch EVs in 2021

EV producer Rivian raised $2.5 billion. In 2021, the company hopes to bring the first all-electric pickup truck to market.
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Electric vehicle maker Rivian closed a $2.5 billion investment round, as it aims to bring the first all-electric pickup to market in 2021. 

The company says that it is focused on the launch of its R1T pickup and R1S SUV models as well as delivery vehicles for Amazon  (AMZN) - Get Report

Rivian expects all three vehicles to launch in 2021. 

"We are grateful for the strong investor support that helps enable us to focus on execution of our products," Founder and Chief Executive RJ Scaringe said in a statement. 

No new board seats will be added as part of the funding round. 

The round was led by T Rowe Price,  (TROW) - Get Report which also led the company's December funding round of $1.3 billion. 

Soros Fund Management and existing shareholders Amazon and asset-management giant BlackRock  (BLK) - Get Report, among others, also participated in the latest round. 

The electric-pickup market is soon to become very competitive with Tesla's  (TSLA) - Get Report  Cybertruck, Ford's  (F) - Get Report electric F-150, and GM's  (GM) - Get Report Hummer electric pickup all expected to come to market within the next two years. 

Rivian's earliest investor was Amazon, which led a $700 million funding round in February 2019. Ford signed on next, investing $500 million in April last year.

In September, Cox Enterprises subsidiary Cox Automotive invested $350 million and in December the company closed a $1.3 billion investment round led by T. Rowe Price with participation from Amazon, Ford and BlackRock. 

Rivian was founded in 2009 in Carson, Calif., originally as a developer of an electric sports coupe like the Tesla Roadster before it shifted to luxury utility vehicles, according to a profile on the company