Rivian raises $ 2.5 billion in new funding round led by Amazon and Ford

RJ Scaringe, Founder and CEO of Rivian Automotive Inc., unveils the R1T electric pickup truck, left, and the R1S electric sport utility vehicle (SUV) at an eye-opening event at AutoMobility LA ahead of the Los Angeles Auto Show in Los Angeles, California.

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Electric vehicle start-up Rivian said on Friday it had closed a $ 2.5 billion funding round led by existing investors Amazon, Ford Motor and T. Rowe Price.

The company said it has raised around $ 10.5 billion to date. Rivian closed a $ 2.65 billion investment round in January and another $ 2.5 billion round last July. He raised $ 1.3 billion in December 2019 and at least $ 1.5 billion before.

“As we approach the start of vehicle production, it is essential that we continue to look ahead and pursue Rivian’s next phase of growth,” Rivian CEO RJ Scaringe said in a statement. , adding that the new funding will go towards expanding new vehicle programs, the company’s domestic facility footprint and international product deployment.

The funding announcement comes after Rivian on Thursday announced plans to open a second manufacturing plant in the United States. Several US states have submitted bids for the plant, referred to internally as “Project Tera.” Rivian is expected to announce the installation in the coming months and lead the way early next year, Reuters reported, citing sources familiar with the situation.

Rivian already operates a factory in Normal, Ill., Where it plans to start production of a fully electric pickup and SUV.

Last week, the company informed buyers that it was postponing deliveries of the R1T pickup until September and the R1S SUV until later in the fall. Scaringe blamed a number of issues related to the pandemic, “from building facilities and installing equipment to supplying vehicle components (especially semiconductors),” according to a letter sent. to customers.

Delays for retail customers have not impacted Rivian’s plans to deliver electric delivery vehicles to its partner and investor Amazon, the company said.

Amazon agreed in September 2019 to buy 100,000 electric vehicles from the start-up as part of its ambitious campaign to run Amazon’s fleet entirely on renewable energy. The company hopes to test electric delivery vans in 16 cities by the end of 2021.

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