Rivian raises another $2.5B as EV output nears

DETROIT — Rivian, the EV startup that plans to launch three vehicles next year, said it secured another $2.5 billion in investments led by financier T. Rowe Price Associates Inc.

The company's latest investors include Soros Fund Management LLC, Coatue, Fidelity Management and Research Company and Baron Capital Group. Existing shareholders Amazon and Blackrock increased their investments, Rivian said in a statement Friday.

Rivian is spending about $750 million to overhaul the plant it bought in Normal, Ill., from Mitsubishi Motors. And it is in the process of relocating most of its product development and engineering teams from Plymouth, Mich., to Irvine, Calif., and to the Illinois plant.

Since last fall, Rivian has raised more than $5 billion. Rivian expects to launch the R1T electric pickup and R1S battery-powered SUV next year, probably in the first quarter. Also, Rivian plans to begin filling an order for 100,000 electric delivery vans from Amazon, with about 10,000 vans scheduled for delivery starting late next year.

"We are focused on the launch of our R1T, R1S and Amazon delivery vehicles. With all three launches occurring in 2021, our teams are working hard to ensure our vehicles, supply chain and production systems are ready for a robust production ramp-up," CEO RJ Scaringe said in a statement.

Soros Fund Management was founded by George Soros, a billionaire investor and philanthropist who also is known for donating to liberal causes.

Rivian's other investors include Ford Motor Co., Cox Automotive and several venture capital firms.

The additional investments come as values for electric vehicle companies, such as Tesla Inc., continue to soar on Wall Street.

Scaringe told CNBC on Friday that there are no plans to take Rivian public, but he's open to additional investments to support the company's "aggressive growth plans."

The company said it would not add any board seats and that other details about the transactions are "not being disclosed at this time."