Electric Vehicle Startup Rivian secured Additional $2.5 billion

Rivian, an electric vehicle startup, has now secured $2.5 billion in funding from accounts advised by investment firm T Rowe Price.

The startup has a contract with the Amazon to build around 10000 electric delivery vans, starting next year at its factory – a former Mitsubishi plant in Normal, Illinois.

Rivian is also rolling out a pickup truck and an SUV for sale to consumers next year.

Commenting on the investment, RJ Scaringe, Founder and CEO, Rivian said, “We are focussed on the launch of our R1T, R1S, and Amazon delivery vehicles. With all three launches occurring in 2021, our teams are working hard to ensure our vehicles, supply chain, and production systems are ready for a robust production ramp up. We are grateful for the strong investor support that helps enable us to focus on execution of our products.”