The latest raise follows on a July funding of $2.5 billion.

Electric truck maker Rivian, which is backed by Amazon (NASDAQ: AMZN) and Ford (NYSE: F), announced it has received funding of $2.65 billion. The company, which is starting production this summer, said funds and accounts advised by T. Rowe Price Associates, Inc. led the round. Fidelity Management and Research Company, Amazon’s Climate Pledge Fund, Coatue, and D1 Capital Partners as well as several other existing and new investors also took part. (THE VERGE)

According to Bloomberg, sources said the round valued the company at $27.6 billion, post-money.

With this round, its first in 2021, Rivian has raised more than $8 billion since the start of 2019.

Other backers of the EV maker include BlackRock and Soros Fund Management LLC. However, Ford sat out the latest round.

“We maintain a significant strategic interest, an important ownership stake, and board representation in Rivian,” the company said in a statement to The Verge.

Rivian: Deliveries commence in 2021

“This is a critical year for us as we are launching the R1T, the R1S, and the Amazon commercial delivery vehicles,” said Founder and CEO RJ Scaringe. “The support and confidence of our investors enable us to remain focused on these launches while simultaneously scaling our business for our next stage of growth.”

The company is manufacturing these vehicles at a factory that previously produced the Mitsubishi Eclipse for a Mitsubishi-Chrysler JV. According to TechCrunch, Rivian has spent more than $1 billion to refurbish, update and expand the 3.5 million sqft factory.

Rivian has developed and vertically integrated a connected electric platform that can be flexibly applied to a range of applications.

U.S. deliveries for the R1T pickup truck will commence in June. For the R1S, that date is August.

In September 2019, Amazon announced its purchase of 100,000 electric trucks from Rivian. It was a move by the eCommerce giant towards 100% renewable energy use by 2030. This one order alone could be worth more than $4 billion for Rivian.

Related Story:  Electric Vehicle Startup Rivian Raises $2.5B