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© bahar bostanci dreamstime.com Business | July 13, 2020

Rivian adds additional funding in investment round

The electrics car manufacturer says it has closed an investment round of USD 2.5 billion. The financing was led by funds and accounts advised by T. Rowe Price Associates, Inc.

“We are excited to continue this journey with Rivian’s innovative and talented team as they now prepare to deliver their groundbreaking products that help shift to a carbon-neutral planet,” says Joe Fath, portfolio manager of T. Rowe Price Growth Stock Fund, in a press release. Participants in this investment round include Soros Fund Management LLC, Coatue, Fidelity Management and Research Company, and Baron Capital Group. Existing shareholders Amazon and funds managed by BlackRock also participated. “We are focused 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,” says Rivian Founder and CEO RJ Scaringe. No new board seats have been added relating to this latest financing round.
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August 03 2020 7:13 pm V18.8.0-2