Rivian, the electric vehicle company aiming to become the first to bring an EV pickup truck to market, has raised $2.5 billion in a round led by funds and accounts advised by T. Rowe Price Associates Inc.

New investors Soros Fund Management LLC, Coatue, Fidelity Management and Research Company and Baron Capital Group also participated. Existing shareholders Amazon and funds managed by BlackRock also joined the round. No new board seats have been added.

This is by far the largest round Rivian has raised to date as the company and its founder and CEO R.J. Scaringe eschew public markets and have instead turned to strategic funds and other private investors. The round follows an active 2019 for the company that brought in $2.85 billion in

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