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Rivian hauls in $2.5 billion to seize momentum for electric trucks



ImpactAlpha, July 13 – Rivian’s latest round, led by T. Rowe Price, brings the Michigan-based company’s total funding to about $6 billion.

Investors include Soros Fund Management, Coatue, Fidelity, Baron Capital Group and existing investors BlackRock and Amazon.  Amazon led Rivian’s $700 million funding round in February and last fall ordered 100,000 electric delivery trucks. is also a customer).

Electrification of vehicle fleets sparks disruption of energy and transportation

The Climate Group’s EV100 2020 progress report forecasts that corporate and leasing fleet commitments will drive the roll-out of more than 2.5 million zero-emission vehicles by 2030.

Rivian plans to debut its all-electric pickup and SUV models early next year. Due to higher than anticipated demand, the company is increasing capacity and accelerating product schedules, Rivian founder R.J. Scaringe told CNBC.

 

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