, raised another $1.3 billion from investors led by T. Rowe Price to support the rollout of its debut vehicles next year.
The funds generated from Rivian’s fourth major investment this year boosts the total raised to $2.85 billion. The Plymouth, Mich., manufacturer said Amazon, Ford and funds managed by BlackRock also participated in the round. Rivian’s latest haul comes as the company is drawing significant interest from businesses wanting to shift to electric vehicles. Chief Executive Officer R.J. Scaringe has spent the last seven years developing a pickup and sport utility vehicle that will be built off a common architecture that could be used for other models in the future. The platform, which Scaringe prefers to refer to as a “skateboard,” is a big part of his vision to deliver returns to those who’ve backed him.