Rivian, the electric vehicle company aiming to become the first to bring an EV pickup truck to market, has raised $2.5 billion in a round led by funds and accounts advised by T. Rowe Price Associates Inc.

New investors Soros Fund Management LLC, Coatue, Fidelity Management and Research Company and Baron Capital Group also participated. Existing shareholders Amazon and funds managed by BlackRock also joined the round.

This is by far the largest round Rivian has raised to date as the company and its founder and CEO R.J. Scaringe eschew public markets and instead turn to strategic funds and other private investors. The company had an active year of fundraising in 2019, which kicked off in February with a $700 million funding round led by Amazon. More deals and investments would follow, including a $500 million investment from Ford — along with a promise to collaborate on a future EV program — a $350 million investment by Cox Automotive in September. The company closed the year with an announcement that it had raised $1.3 billion round led by funds and accounts advised by T. Rowe Price Associates, Inc. with additional participation from Amazon, Ford Motor Company and funds managed by BlackRock.

The company also announced in 2019 was developing an electric delivery van for Amazon usingskateboard platform and that 100,000 of these vans had been ordered with deliveries starting in 2021.

The company has a capitally intensive journey awaiting them for the remainder of 2020 and far into next year. Rivian is preparing its factory in Normal, Indiana to assembly its R1T electric pickup truck and the R1S SUV as well as begin to fulfill its order with Amazon to deliver electric vans.

All three of these products are expected to come to market — or directly to Amazon, for the van order — in 2021. The R1T and R1S were supposed to go into production in 2020.

“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,” said Rivian Founder and CEO RJ Scaringe.

No new board seats have been added, and additional details about this investment are not being disclosed at this time.

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