Electric vehicle start-up Rivian scores $1.3bn investment from T. Rowe Price, others

Electric vehicle start-up Rivian said on Monday it closed a $1.3 billion

The investment round, which also included BlackRock Inc, is the fourth this year for Rivian and positions the Plymouth, Michigan-based company as one of the better-financed players in a crowded EV manufacturing market where Tesla Inc is the most established player. Electric vehicles still make up only a small piece of the global automotive market. While Tesla is the best-known maker, China and Europe are pushing automakers to roll out EVs, and Ford, General Motors Co and others have announced plans to spend billions of dollars developing the vehicles.

"T. Rowe Price is excited to invest in Rivian as it moves the innovation frontier forward with its compelling sustainable transport solutions for both consumers and businesses,” the fund manager's growth stock fund portfolio manager Joe Fath said on Monday in an e-mailed statement.investment round in Rivian in February. The e-commerce company also ordered 100,000 electric delivery vehicles from Rivian.

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