Investment in the electric vehicle space is heating up, with Rivian, a leading EV startup currently developing an electric pickup and SUV, announcing that it has closed a $2.5 billion investment round.

The financing was led by T. Rowe Price, and included investment from Soros Fund Management LLC, Coatue, Fidelity Management and Research Company, Baron Capital Group, Amazon and BlackRock. Amazon and BlackRock were listed as shareholders prior to the current financing round.

Joe Fath, portfolio manager of T. Rowe Price Growth Stock Fund said:

“We are excited to continue this journey with Rivian’s innovative and talented team as they now prepare to deliver their groundbreaking products that help shift to a carbon-neutral planet.”

Rivian Founder and CEO RJ Scaringe said:

“We are focused on the launch of our R1T, R1S and Amazon delivery vehicles. With all three launches occurring in 2021, our teams are working hard to ensure our vehicles, supply chain and production systems are ready for a robust production ramp up. We are grateful for the strong investor support that helps enable us to focus on execution of our products.”