Tesla rival Rivian adds $2.5 billion investment led by T. Rowe PriceElectrical automobile startup Rivian, which is backed by Amazon and Ford Motor and goals to place an electrical pickup and SUV in manufacturing in 2021, boosted its warfare chest additional with a $2.5-billion funding spherical led by T. Rowe Value, Rivian mentioned Friday.

The deal comes on the heels of electrical automobile maker Tesla’s meteoric rise in valuation and the latest public providing of Nikola Corp. Each Tesla and Nikola are planning electrical pickups to rival Rivian.

The brand new spherical takes complete funding in Rivian to not less than $6 billion, together with a $1.3 billion spherical in December led by T. Rowe Value and together with Amazon, Ford and BlackRock, in keeping with investor web site Pitchbook.

Rivian’s newest fundraising was joined by Soros Fund Administration, Coatue Administration, Constancy Administration and Analysis Firm, and Baron Capital Group. Amazon and BlackRock additionally participated.

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