Rivian announces $2.5 billion funding round

Rivian on Friday closed a $2.5 billion fundraising round led by investors such as Amazon.com, Ford Motor, and T. Rowe Price.

The announcement came the day after the electric car company said it was exploring building a second U.S. assembly plant.

“As we near the start of vehicle production, it’s vital that we keep looking forward and pushing through to the company’s next phase of growth,” said Rivian Chief Executive R.J. Scaringe.

“This infusion of funds … allows Rivian to scale new vehicle programs, expand our domestic facility footprint, and fuel international product rollout,” Scaringe added.

Rivian, which has a plant presently in Normal, Illinois, said it has raised about $10.5 billion until now.