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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.

2 hours ago - World

U.S: Nord Stream 2 "will not move forward" if Russia invades Ukraine

U.S. State Department spokesperson Ned Price during a press briefing at the State Department in Washington, D.C., on Tuesday. Photo: Kevin Lamarque/POOL/AFP via Getty Images

The U.S. will make sure the Nord Stream 2 gas pipeline project between Russia and Germany won't go ahead if Russian troops invade Ukraine, State Department spokesperson Ned Price told NPR on Wednesday.

Why it matters: Germany's ambassador to the U.S. appeared to support Price's strong rhetoric on the strategically significant pipeline that would circumvent Ukrainian transit infrastructure and deliver Russian gas directly to Germany, eliminating one of the last deterrents Ukraine has against an invasion, per Axios' Zachary Basu.

Scoop: Stephanie Ruhle to replace Brian Williams on MSNBC

Photo: Nathan Congleton/NBCU Photo Bank/NBCUniversal via Getty Images via Getty Images

MSNBC will soon announce plans to move morning anchor Stephanie Ruhle to the 11 pm ET hour that Brian Williams turned into an elite destination, two sources familiar with the move tell Axios.

Details: The 9 am ET hour, currently hosted by Ruhle, will become part of MSNBC's flagship morning show, "Morning Joe," which currently runs from 6 am to 9 am ET.