Amazon-backed electric vehicle startup Rivian has raised another $2.65 billion, bolstering its position as one of the most well-funded EV startups in the world.
The investment round was led by T. Rowe Price and included Amazon’s Climate Pledge Fund, Fidelity Management and Research Company, and investment firms Coatue and D1 Capital Partners, along with “several other existing and new investors,” according to the startup.
It’s hard to say how much Rivian has in the bank, given that it has spent a lot already to hire a massive team while also developing at least three vehicles that we know of. But after this new funding round, the EV startup’s war chest likely rivals that of China’s Nio, which also has billions of dollars in the bank.
The new money arrives a mere six months after Rivian raised $2.5 billion, and about a year after it raised $1.3 billion. It has now raised more than $8 billion to date.
That money will be crucial as Rivian gets ready to release its first two electric vehicles later this year, the R1T pickup truck and the R1S SUV. Rivian is also working with Amazon on developing and deploying an electric delivery van, which recently was spotted in the wild.
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