The investment round, which also included BlackRock, is the fourth this year for Rivian and positions the Plymouth, Michigan-based company as one of the better financed players in a crowded EV manufacturing market where Tesla is the most established player.
“This investment demonstrates confidence in our team, products, technology, and strategy,” Rivian CEO R.J. Scaringe said in a statement.
Electric vehicles still make up only a small piece of the global automotive market. While Tesla is the best known maker, China and Europe are pushing automakers to roll out EVs, and Ford, General Motors, and others have announced plans to spend billions of dollars developing the vehicles.
Founded in 2009, Rivian plans to build an all-electric pickup truck, the R1T, and the companion R1S SUV, starting in late 2020. Both models are based on a Rivian-designed “skateboard,” a chassis that bundles electric motor, batteries, and controls and can accommodate a variety of body styles.
Prior to the recent announcement, Rivian had raised $2.2 billion from investors, according to investor website PitchBook, and was valued at an estimated $5 billion to $7 billion.
The company’s total valuation in the wake of the latest investment round was not immediately clear.
Rivian said recently that no new board seats were added as a result of the latest investment.
T. Rowe Price has placed other bets in the auto sector. It is a large Tesla shareholder and also has invested in GM’s majority-owned Cruise self-driving division. T. Rowe Price also invested, along with Amazon, in self-driving car software startup Aurora and British online food delivery company Deliveroo.
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