Michigan-based electric-truck start-up Rivian said that it has raised $2.65 billion in new cash from a group of investors led by mutual-fund giant T. Rowe Price (NASDAQ: TROW). The company, which already counts Ford Motor Company (NYSE: F) and Amazon (NASDAQ: AMZN) among its investors, said that it will use the new cash to scale its business as it brings three models to market in 2021. The new investments will bring Rivian's valuation to $27.6 billion once this funding round closes. Rivian has previously announced that it will begin deliveries of its R1T luxury electric pickup, the closely related R1S SUV, and an electric delivery vehicle for Amazon by year-end. Rivian's R1T, a luxury off-road electric pickup, is the first of three models expected from the Michigan-based start-up by the end of 2021. Image source: Rivian. CEO RJ Scaringe believes that the support from Rivian's investors will allow the company to simultaneously prepare to launch those new models while it scales its business for the next stage of growth. In addition to T. Rowe Price, investors in the round included another fund giant, Fidelity, as well as D1 Capital Partners, Coatue Management, Amazon's Climate Pledge Fund, and several others who were not named. Rivian has raised a total of $8 billion since the beginning of 2019 from investors including Ford, Amazon, BlackRock, and Cox Automotive. Its most recent round, which closed in July of 2020, raised $2.5 billion from investors led by T. Rowe Price. Find out why Amazon is one of the 10 best stocks to buy now Motley Fool co-founders Tom and David Gardner have spent more than a decade beating the market. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* Tom and David just revealed their ten top stock picks for investors to buy right now. Amazon is on the list -- but there are nine others you may be overlooking. Click here to get access to the full list! *Stock Advisor returns as of November 20, 2020 John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors. John Rosevear owns shares of Amazon and Ford. The Motley Fool owns shares of and recommends Amazon and recommends the following options: long January 2022 $1920 calls on Amazon and short January 2022 $1940 calls on Amazon. The Motley Fool has a disclosure policy.Source