Electric vehicle startup Rivian gets $2.5B in added funding

Electric vehicle startup Rivian says it has raised another $2.5 billion in funding from accounts advised by investment firm T

DETROIT -- Electric vehicle startup Rivian says it has raised another $2.5 billion in funding from accounts advised by investment firm T. Rowe Price.

The new investment won't bring any more seats to the Rivian board, the company said.

In April of 2019, Ford invested a half-billion dollars into Rivian and said the companies would work jointly to develop electric vehicles. That deal was in addition to a $700 million investment from Amazon that was announced in February of 2019.

Most of Rivian's operations are in San Jose and Irvine, California, but it also has a large engineering and administrative office near Detroit. The company employs about 2,300 people.