7/23/2021, 11:24 PM (Source: TeleTrader)
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Rivian closes $2.5 billion funding round

Electric truck startup Rivian reported on Friday that it raised $2.5 billion in a private funding round led by Ford Motor Co., Inc., D1 Capital Partners, and T. Rowe Price Associates Inc..

Other investors include Third Point, Fidelity Management and Research Company, Dragoneer Investment Group, and Coatue. The latest funding brings the total amount that the California-based company received to $10.5 billion.

"As we near the start of vehicle production, it’s vital that we keep looking forward and pushing through to Rivian’s next phase of growth. This infusion of funds from trusted partners allows Rivian to scale new vehicle programs, expand our domestic facility footprint, and fuel international product rollout," CEO RJ Scaringe said in the press release.

Baha Breaking News (BBN) / MD