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Amazon-Backed Rivian Hauls In Additional $2.65 Billion To Fund Electric Vehicle Push

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Rivian, a well-funded electric vehicle startup backed by Amazon AMZN , said it raised a further $2.65 billion in a round led by investment giant T. Rowe Price TROW as the company prepares to start building battery-powered pickups, SUVs and delivery vans.

The additional investment by T. Rowe Price, which previously participated in a $2.5 billion round in 2020, boosts Rivian’s funding haul to at least $8 billion, more than any previous U.S. automotive startup. Delivery of its first electric models is to begin in mid-2021, built at a refurbished auto plant in Normal, Illinois.

“This is a critical year for us as we are launching the R1T, the R1S and the Amazon commercial delivery vehicles,” founder and CEO RJ Scaringe said. “The support and confidence of our investors enables us to remain focused on these launches while simultaneously scaling our business for our next stage of growth.”

The company will compete head-to-head with Tesla TSLA in the nascent electric pickup space, with its innovative but more traditionally-styled R1T going up against Elon Musk’s hard-edged Cybertruck, which sports more polarizing looks. And where Rivian’s branding ties its models to healthy outdoor activities at pristine mountains, beaches and winter scenes, Cybertruck is more of a futuristic military vehicle crafted for Terminator-like, post-apocalyptic settings. Tesla fans like it, however: Musk has claimed to have hundreds of thousands of orders and intends to build the vehicle at a new Tesla plant in Austin, Texas.

Along with T. Rowe Price, Amazon’s Climate Pledge Fund, Fidelity Coatue and D1 Capital Partners also joined the latest round. 

Along with consumer pickups and SUVs, Rivian’s revenue stream should benefit in the early years from Amazon’s order for 100,000 electric delivery vans.

“We have been eagerly anticipating the arrival of 2021, and with it, the exhilaration of Rivian starting to deliver its revolutionary products to customers,” said Joe Fath, a T. Rowe Price portfolio manager.

Additional Rivian backers include Ford, Cox Automotive and BlackRock BLK .

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