Rivian is a startup that plans to produce electric trucks in 2021 to compete with Tesla. The company is currently backed by Ford and Amazon and just raised $2.5 billion in investments led by T. Rowe Price.
The investment comes as Tesla’s valuation rises and Nikola Corporation has an IPO. Both of those companies are planning to have a pickup rival for Rivian. According to the New York Post, this latest round of investments join the likes of the Soros Fund, BlackRock, Baron Capitol and Amazon.
Rivian is looking to begin production of their trucks in 2021.