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.

Bloomberg | Bloomberg | Getty Images

The Rivian electric vehicle starts on Friday noted he closed a $ 2.5 billion funding round led by existing investors Amazon, Ford engine and T. Rowe Price.

The company said it has raised around $ 10.5 billion to date. Rivien firm a round of funding of $ 2.65 billion in January and An additional $ 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.

Funding announcement comes after Rivian on Thursday said he was planning to open a second manufacturing plant in the United States Several US states have submitted bids for the facility, referred to internally as “Project Tera.” Rivian is expected to announce construction of the plant in the coming months and begin next year, Reuters reported, citing sources familiar with the situation.

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

Last week the company informed buyers it is delaying 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, to 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 hope to test Electric delivery vans in 16 cities by the end of 2021.

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