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Rivian R1T pickup truck. Photo: Rivian

Electric vehicle startup Rivian has raised another $2.65 billion as it builds momentum toward this year's launch of its first pickup truck, SUV and Amazon delivery vehicles.

Why it matters: Rivian continues to attract big money from private investors, even as other startups take advantage of Wall Street enthusiasm for EVs by going public through a series of mergers with special purpose acquisition companies.

  • Rivian has now raised $8 billion since the start of 2019, and is valued at an estimated $27.6 billion, according to sources familiar with the transaction.

Details: Aside from funds and accounts advised by T. Rowe Price, the latest round also included Fidelity Management and Research Company, Amazon’s Climate Pledge Fund, Coatue and D1 Capital Partners as well as several other existing and new investors.

What they're saying: “This is a critical year for us as we are launching the R1T, the R1S and the Amazon commercial delivery vehicles," Rivian Founder and CEO RJ Scaringe said in a statement

  • "The support and confidence of our investors enables us to remain focused on these launches while simultaneously scaling our business for our next stage of growth."

What to watch: Rivian is on track to being production by mid-year at a refurbished Mitsubishi factory in Normal, Ill.

  • It will build the R1T pickup and R1S SUV under its own brand name, and begin production of electric delivery vans for Amazon.
  • Amazon expects to deploy 10,000 of the vans by 2022, and 100,000 by 2030.

Go deeper

Ina Fried, author of Login
Updated Jan 27, 2021 - Technology

Apple's quarterly sales top $100 billion for first time

Credit: Apple

Spurred by strong sales of the latest iPhones, Apple reported it took in a record $111 billion in revenue for the three months ended Dec. 31, as the company crushed expectations.

Why it matters: The move showed even a pandemic didn't dull demand for Apple's latest smartphones.

Restaurant software meets the pandemic moment

Illustration: Annelise Capossela/Axios

Food delivery companies have predictably done well during the pandemic. But restaurant software providers are also having a moment as eateries race to handle the avalanche of online orders resulting from severe in-person dining restrictions.

Driving the news: Olo filed last week for an IPO and Toast is rumored to be preparing to do the same very soon.

Bryan Walsh, author of Future
2 hours ago - Technology

How the automation economy can turn human workers into robots

Illustration: Sarah Grillo/Axios

More than outright destroying jobs, automation is changing employment in ways that will weigh on workers.

The big picture: Right now, we should be less worried about robots taking human jobs than people in low-skilled positions being forced to work like robots.