Hyperdrive
EV Startup Rivian Said to Reach $27.6 Billion Value on New Funds
- Total funding for electric-truck maker rises to $8 billion
- Investment paves way for start of pickup production in June
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Rivian Automotive Inc., the electric-truck startup backed by Amazon.com Inc. and Ford Motor Co., raised $2.65 billion in new funding from a group of investors led by T. Rowe Price Group Inc.
Other investors in the round included Fidelity Investments, Amazon, Pledge Fund, Coatue Management and D1 Capital Partners, as well as several other existing and new investors. The additional funding boosts the total raised to date beyond $8 billion. Bloomberg News first reported the round earlier this month.