BlackRock Bets on Electric-Vehicle Startup Arrival With $118 Million Investment

Rivian’s other backers include T. Rowe Price Group Inc., Soros Fund Management LLC and Fidelity Investments. The two investments also suggest …

Electric-vehicle startup Arrival Ltd. said it has raised $118 million from funds managed by BlackRock Inc., the latest investor bet on new technology upending the auto sector.

The investment values the U.K.-based manufacturer at around €3 billion, equivalent to $3.5 billion, according to a person familiar with the matter. The Wall Street Journal earlier Wednesday reported the investment.

BlackRock,…