Michigan-based electric-truck start-up Rivian said that it has raised $2.65 billion in new cash from a group of investors led by mutual-fund giant T. Rowe Price (NASDAQ:TROW).

The company, which already counts Ford Motor Company (NYSE:F) and Amazon (NASDAQ:AMZN) among its investors, said that it will use the new cash to scale its business as it brings three models to market in 2021. The new investments will bring Rivian's valuation to $27.6 billion once this funding round closes. 

Rivian has previously announced that it will begin deliveries of its R1T luxury electric pickup, the closely related R1S SUV, and an electric delivery vehicle for Amazon by year-end. 

A silver Rivian R1T electric pickup.

Rivian's R1T, a luxury off-road electric pickup, is the first of three models expected from the Michigan-based start-up by the end of 2021. Image source: Rivian.

CEO RJ Scaringe believes that the support from Rivian's investors will allow the company to simultaneously prepare to launch those new models while it scales its business for the next stage of growth. 

In addition to T. Rowe Price, investors in the round included another fund giant, Fidelity, as well as D1 Capital Partners, Coatue Management, Amazon's Climate Pledge Fund, and several others who were not named. 

Rivian has raised a total of $8 billion since the beginning of 2019 from investors including Ford, Amazon, BlackRock, and Cox Automotive. Its most recent round, which closed in July of 2020, raised $2.5 billion from investors led by T. Rowe Price. 

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