Rivian lands another $2.5 billion in investments

Electric vehicle startup Rivian, which is backed by Amazon and Ford and aims to put an electric pickup and SUV into production in 2021, boosted its fortunes further with a $2.5 billion investment round led by T. Rowe Price, Rivian said Friday.

The deal comes on the heels of electric car maker Tesla's meteoric rise in stock valuation and the recent public offering of Nikola Corp. Both Tesla and Nikola are planning electric pickups to rival Rivian.

The new round takes total investment in Rivian to at least $6 billion, including a $1.3 billion round in December led by T. Rowe Price and including Amazon, Ford and BlackRock, according to investor website Pitchbook.

Rivian's latest fundraising was joined by Soros Fund Management, Coatue Management, Fidelity Management and Research Company, and Baron Capital Group. Amazon and BlackRock also participated.

More Rivian news: 

• Rivian production launch pushed back to 2021 because of coronavirus
• Rivian R1T put through its paces off-road in new video about development
• Rivian: Prices for truck, SUV will be lower than previously announced
• Rivian video shows factory taking shape
• Lincoln cancels plan to build electric vehicle on Rivian's platform