Rivian secures another $2.6 billion in latest investment round

Rivian R1T and R1S

Rivian has announced it has secured another $2.6 billion in funding as it nears the launch of its first electric vehicles (EVs).

In a statement Tuesday, the automaker said the latest funding round was led by previous investors such as T. Rowe Price, which was part of the company’s $2.5 billion funding round last year.

Other investors in this latest round included Fidelity Management and Research Company, Amazon’s Climate Pledge Fund, as well as other new and existing investors.

The cash infusion comes as the company prepares to launch its first EV, the R1T electric pickup truck this summer. The Launch Edition is scheduled to hit the roads first in June 2021. The R1S electric SUV will follow soon after with a scheduled August 2021 release.

“This is a critical year for us as we are launching the R1T, the R1S and the Amazon commercial delivery vehicles. 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,” said Rivian Founder and CEO RJ Scaringe.

This is the first investment announcement in 2021 for the automaker. We reported two weeks ago that if it became official, Rivian would be valued at around $25 billion.

Since 2019 Rivian has secured more than $8 billion in funding. It is also working on developing an electric delivery van for Amazon. It was recently spotted undergoing testing in Los Angeles emitting a rather loud and annoying pedestrian warning sound.