Tesla rival Rivian receives $2.5 billion from Amazon and other investors

In the USA, there is a race for the first electric car in the lucrative pick-up segment. Rivian is now getting fresh money – including from Amazon and Blackrock.

Rivian R1T (left), Rivian R1S (right) – (photo by Rivian)

In the race for the first electric pick-up truck, Tesla rival Rivian once again receives a huge financial injection. The US company announced on Friday in Plymouth that it had raised another $2.5 billion in fresh funds from investors.

The large fund company T. Rowe Price again led the round of financing. With the online giant Amazon and the world’s largest asset manager Blackrock, other existing shareholders also expanded their commitments.

A fierce competition for the first electric car in the lucrative pick-up segment has flared up in the USA. The main focus is on the listed high-flyers Tesla and Nikola – not least thanks to their extroverted bosses Elon Musk and Trevor Milton.

But Rivian, which works closely with Ford and has large orders for Amazon vans in its pocket, could end up well ahead. The company should be launching its first fully electric pick-up truck from early to mid-2021.

Author: Nabeel K
Email: nabeel@wheelsjoint.com

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