Based on their Skateboard Chassis design, Electric Vehicle startup Rivian plans to build an all-electric pickup truck

Electric vehicle startup Rivian has shared that it closed a $1.3 billion investment round which was led by fund manager T. Rowe Price. The investment amount also includes the existing investors online retailer Inc, No. 2 U.S. automaker Ford Motor Co., the BlackRock Inc. and positions the Plymouth, Michigan-based company as one of the better-financed players in a crowded EV manufacturing market where Tesla Inc. is the most established player.

Rivian was founded in 2009 and has plans to build an all-electric pickup truck, the R1T, and the companion R1S SUV, starting in late 2020. Both these models are based on a Rivian-designed “skateboard,” a chassis that bundles electric motor, batteries and controls and can accommodate a variety of body styles. According to investor website PitchBook, till Monday’s announcement, Rivian had raised $2.2 billion from investors and is valued at an estimated $5 billion to $7 billion.

The company’s total valuation with the latest investment round is not clear but Rivian made it clear on Monday that no new board seats were added as a result of the latest investment.

Rivian Chief Executive R.J. Scaringe has said in a statement that this investment demonstrates investor’s confidence in their team, products, technology and strategy. As known world wide that Electric vehicles still make up only a small piece of the global automotive market. Tesla is the best-known maker, while China and Europe are pushing automakers to roll out EVs. Ford, General Motors Co and others have announced plans to spend billions of dollars developing the vehicles in coming time.