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Electric Vehicle Maker Rivian Raises $1.3 Bln In New Funding Round

Rivian, an electric vehicle manufacturer, said it has closed an investment round of $1.3 billion, led by funds and accounts advised by T. Rowe Price Associates Inc. Amazon, Ford Motor Company and funds managed by BlackRock also participated in the round.

Rivian did not disclose additional details about the investment. It did not add any new board seats.

"This investment demonstrates confidence in our team, products, technology and strategy - we are extremely excited to have the support from such strong shareholders," said Rivian Founder and CEO RJ Scaringe.

The investment round is the fourth this year for Rivian.

In February, Rivian announced a $700 million funding round led by Amazon. In April, Rivian announced that Ford Motor Company invested $500 million and that the companies would collaborate on a vehicle project utilizing Rivian's skateboard platform.

In September, Cox Automotive announced its $350 million investment in Rivian, complemented by plans to collaborate on logistics and service.

In addition to these investments, in late September, Rivian announced it was collaborating with Amazon on the development of an electric delivery van utilizing Rivian's platform technology and that 100,000 of these vans had been ordered with deliveries starting in 2021.

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