Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Catch up on the day's biggest business stories
Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter
Stay on top of the latest market trends
Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.
Sports news worthy of your time
Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.
Tech news worthy of your time
Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.
Get the inside stories
Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Want a daily digest of the top Denver news?
Get a daily digest of the most important stories affecting your hometown with Axios Denver
Want a daily digest of the top Des Moines news?
Get a daily digest of the most important stories affecting your hometown with Axios Des Moines
Want a daily digest of the top Twin Cities news?
Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities
Want a daily digest of the top Tampa Bay news?
Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay
Want a daily digest of the top Charlotte news?
Get a daily digest of the most important stories affecting your hometown with Axios Charlotte
Sign up for Axios NW Arkansas
Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters
Rivian's R1T pickup. Photo: Michael Brochstein/SOPA Images/LightRocket via Getty Images
Electric vehicle company Rivian announced Friday the close of a $2.5 billion funding round.
Why it matters: It's another sign that the Michigan-based company is very well-positioned among the suite of electric vehicle startups with vehicles heading to the market.
- The company is planning to soon launch production of an electric SUV and pickup, and also has a deal with Amazon to make a large fleet of electric delivery vehicles.
Driving the news: The funding was led by "funds and accounts advised by T. Rowe Price Associates, Inc," Rivian said.
- Backers include Soros Fund Management LLC, Coatue, Fidelity Management and Research Company, and Baron Capital Group, Rivian said.
- Existing shareholders Amazon and BlackRock-managed funds also took part.
What’s next: Rivian plans to launch production of its R1T pickup, R1S SUV and the vehicles for Amazon next year at its manufacturing plant in Normal, Illinois.
- Amazon plans to buy 100,000 delivery vehicles from Rivian and hopes to have 10,000 operating as soon as 2022.
The bottom line, via Axios transportation reporter Joann Muller: Rivian is biting off an extraordinary series of manufacturing challenges all at once for a startup that has never built a vehicle. Even experienced automakers struggle to launch new vehicles smoothly.