by Peter Eavis, NY Times
Rivian, an electric-vehicle start-up that has drawn an impressive roster of backers, announced Monday that it had received a $1.3 billion investment led by T. Rowe Price, the mutual fund company.
It was the fourth investment in Rivian this year and the company’s largest funding round so far. Amazon and Ford Motor, which were already Rivian investors, also took part in the latest round.
The funding is a vote of confidence in Rivian, which expects to start delivering a truck and a sport utility vehicle next year. But it also underscores the company’s need for capital. Investments in the company in 2019 have raised $2.85 billion.