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Amazon-backed electric SUV maker Rivian raises $1.3B

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Amazon-backed electric SUV maker Rivian raises $1.3B

Rivian Automotive LLC, a maker of electric sports utility vehicles, said Dec. 23 that it secured $1.3 billion in an investment round led by funds and accounts advised by T. Rowe Price Associates Inc.

Amazon.com Inc., Ford Motor Co. and funds managed by BlackRock Inc. also participated in the round. This is the fourth investment round held by the Michigan-based startup in 2019, with $2.85 billion raised.

In February, Rivian announced a $700 million funding round led by Amazon, which also placed an order for 100,000 electric delivery vehicles from the company.

In April, Ford invested $500 million in Rivian and announced a collaboration on a vehicle project utilizing Rivian's skateboard platform. In September, Cox Automotive Inc. invested $350 million in Rivian.