The startup aims to put an electric pickup and SUV in production by 2021.
The deal comes amid electric automaker Tesla’s rise in valuation and the latest public offering of Nikola Corp. Both Tesla and Nikola are preparing electric pickups to compete Rivian.
The latest round takes total investment in Rivian to at least $6 billion, including a $1.3 billion round in December led by T. Rowe Price and including Amazon, Ford, and BlackRock.
Rivian’s latest fundraising was joined by Soros Fund Management, Coatue Management, Fidelity Management and Research Company, and Baron Capital Group. Amazon and BlackRock have participated as well.