Electric vehicle maker Rivian closed a $2.5 billion investment round, as it aims to bring the first all-electric pickup to market in 2021.
The company says that it is focused on the launch of its R1T pickup and R1S SUV models as well as delivery vehicles for Amazon( AMZN ) - Get Report.
Rivian expects all three vehicles to launch in 2021.
"We are grateful for the strong investor support that helps enable us to focus on execution of our products," Founder and Chief Executive RJ Scaringe said in a statement.
No new board seats will be added as part of the funding round.
The round was led by T Rowe Price,( TROW ) - Get Reportwhich also led the company's December funding round of $1.3 billion.
Soros Fund Management and existing shareholders Amazon and asset-management giant BlackRock( BLK ) - Get Report, among others, also participated in the latest round.
The electric-pickup market is soon to become very competitive with Tesla's( TSLA ) - Get ReportCybertruck, Ford's( F ) - Get Reportelectric F-150, and GM's( GM ) - Get ReportHummer electric pickup all expected to come to market within the next two years.
Rivian's earliest investor was Amazon, which led a $700 million funding round in February 2019. Ford signed on next, investing $500 million in April last year.
In September, Cox Enterprises subsidiary Cox Automotive invested $350 million and in December the company closed a $1.3 billion investment round led by T. Rowe Price with participation from Amazon, Ford and BlackRock.
Rivian was founded in 2009 in Carson, Calif., originally as a developer of an electric sports coupe like the Tesla Roadster before it shifted to luxury utility vehicles, according to a profile on the company.
Today, after hitting the high near 24,000 in the early session and entering bearish positions, the index fell sharply by nearly over 600 points, immediately recouping yesterday's losses significantly.
Moreover, today it broke the new high again, reaching a maximum of 24,076, but by the end of the market, it fell back by about 70 points, producing a bearish candle. The current trend has not yet been broken, but from the previous low until now, it has risen close to 6,000 points. It is believed that those with positions can continue to hold until there is a clear trend reversal for profit-taking. Those without positions can wait for a pullback to get in. Actually, it is hoped for a quick pullback, as it allows for entry and also provides a healthy breath.
Currently, the outlook remains the same as before. It is believed that even if there is a pullback, it shouldn't be too deep. However, if Futures fail to stabilize and close below 22,350, there may still be room for decline. The chance of Futures falling below 21,400 in the short term should be low, so it is considered that if a significant pullback occurs, it presents a good opportunity to incrementally go long. Recently, there has been a consistent approach to not hold positions overnight, only focusing on immediate trades, as there is no high chasing and no casual short selling.
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