Electric vehicle startup Rivian raises $2.65B as it gears up

Electric vehicle startup Rivian raises $2.65B as it gears up for mass production


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Less than six months after raising a $2.5 billion funding round, electric vehicle startup Rivian Automotive Inc. on Tuesday said that it has secured yet an additional $2.65 billion from investors. 
T. Rowe Price led the latest round with participation from Amazon.com Inc.’s Climate Pledge Fund and others. The Climate Change Fund is a $2 billion investment vehicle launched by the online retail giant last year to back companies developing sustainable technologies. Amazon also participated in several of Rivian’s earlier funding rounds.
Plymouth, Michigan-based Rivian is preparing to launch two electric vehicles for the consumer market with a top range of more than 300 miles per charge. The vehicles will provide partial autonomous driving features via an artificial intelligence system, Driver+, that the startup says can perform tasks such as changing lanes. At the same time, Rivian is working to deliver 100,000 commercial delivery vans for Amazon as part of a deal the companies announced in late 2019. 

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