Tesla rival Rivian raises $2.5 billion, Amazon continues to follow

July 11 , according tomedia reports , Tesla in electric vehicles , their technology is also industry leader in the industry , but with the development of the electric vehicle market , there are many competitors , Rivian is one of them , they recently completed a round of financing of up to $ 2.5 billion .

Tesla rival Rivian raises $2.5 billion, Amazon continues to follow

Founded in 2009, later than Tesla, Rivian is a U.S. maker of electric and self-driving technology, and their first battle with Tesla will be an electric pickup, which they plan to be the first to deliver to consumers. Tesla also launched its electric pickup, the Cybertruck, in November, and plans to start mass production by the end of next year.

According tomedia reports, Rivian’s latest round of financing has been completed, with companies and institutions investing $2.5 billion in them.

Media reports show that Rivian’s $2.5 billion financing was led by T. Rowe Price Associates, with new investors including Soros Fund Management LLC, Coatue, Fidelity Management and Research Company, Baron Capital Group, which had previously invested in Amazon and Blackstone.

Although Rivian has a $2.5 billion funding round and a number of new investment institutions, their board seats have not changed in this round.

It is worth noting that Rivian’s $2.5billion round of financing is no different in size from the amount they raised in many rounds last year.

Rivian made four rounds of financing last year, raising $2.85 billion. In February last year, Rivian announced the completion of a $700 million funding round, led by Amazon. Ford’s leading investors then invested another $500 million in Rivian. In September, Rivian completed another $350 million in financing, funded by Cox Automotive. At the end of the year, a round of large-scale financing was completed, T. Rowe Price Associates, Amazon and Blackstone also have investments, and they have injected $1.3 billion into Rivian.