EV startup Rivian announces $2.5 billion funding round led by Amazon, Ford

Electric automotive startup Rivian mentioned on Friday it has closed a $2.5 billion fundraising round led by buyers Amazon.com Inc, Ford Motor Co and T. Rowe Price. The announcement got here the day after the California-based company mentioned it was exploring constructing a second US meeting plant. Reuters, citing unnamed sources, reported on Thursday that Rivian’s deliberate plant, dubbed “Project Tera,” will embrace battery cell manufacturing.

“As we close to the beginning of car manufacturing, it’s important that we hold trying ahead and pushing by to Rivian’s subsequent part of progress,” Rivian Chief Executive R.J. Scaringe mentioned in an announcement.

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“This infusion of funds … permits Rivian to scale new car packages, broaden our home facility footprint, and gas worldwide product rollout,” he added.

(Also learn | Jeff Bezos rode to Blue Origin launch pad on this electrical SUV from Tesla rival)

Rivian, which has a plant at the moment in Normal, Illinois, mentioned it has raised about $10.5 billion so far. It will search a valuation of nicely over $50 billion in a possible public itemizing later this year, a supply beforehand advised Reuters.

Automakers are racing to develop EVs as China, Europe and different international locations and areas mandate decrease carbon emissions. Rivian goals to compete when it rolls out its R1T pickup and R1S SUV, in addition to a supply van for Amazon.

Scaringe mentioned in a letter to clients final week that COVID-19 had delayed the launch of its automobiles. The first deliveries of the R1T, beforehand slated for July, had been pushed to September, whereas the R1S was delayed to autumn.

Scaringe advised Reuters final November that Rivian deliberate to observe the preliminary three automobiles with smaller fashions focused at China and Europe the place it might finally build automobiles.

(Also learn | Amazon-backed Rivian to delay first EV deliveries till September)

In addition to Amazon’s Climate Pledge Fund, Ford and funds managed by T. Rowe Price, Friday’s funding round additionally was led by D1 Capital Partners. It additionally included participation by Third Point, Fidelity Management and Research Co, Dragoneer Investment Group and Coatue, Rivian mentioned.

This story has been printed from a wire company feed with out modifications to the textual content. Only the headline has been modified.

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