Electrical automobile startup Rivian stated on Friday it has closed a $2.5 billion fundraising spherical led by buyers Amazon.com Inc, Ford Motor Co and T. Rowe Price.
The announcement got here the day after the California-based firm stated it was exploring constructing a second U.S. meeting plant. Reuters, citing unnamed sources, reported on Thursday that Rivian’s deliberate plant, dubbed “Undertaking Tera,” will embrace battery cell manufacturing.
“As we close to the beginning of auto manufacturing, it is vital that we preserve wanting ahead and pushing by way of to Rivian’s subsequent part of progress,” Rivian Chief Govt R.J. Scaringe stated in a press release.
“This infusion of funds … permits Rivian to scale new automobile packages, increase our home facility footprint, and gasoline worldwide product rollout,” he added.
Rivian, which has a plant at present in Regular, Illinois, stated it has raised about $10.5 billion thus far. It’s going to search a valuation of nicely over $50 billion in a possible public itemizing later this 12 months, a supply beforehand informed Reuters.
Automakers are racing to develop EVs as China, Europe and different nations 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 stated in a letter to prospects final week that COVID-19 had delayed the launch of its autos. The primary deliveries of the R1T, beforehand slated for July, have been pushed to September, whereas the R1S was delayed to autumn.
Scaringe informed Reuters final November that Rivian deliberate to observe the preliminary three autos with smaller fashions focused at China and Europe the place it might ultimately construct autos.
Along with Amazon’s Local weather Pledge Fund, Ford and funds managed by T. Rowe Worth, Friday’s funding spherical additionally was led by D1 Capital Companions. It additionally included participation by Third Point, Constancy Administration and Analysis Co, Dragoneer Funding Group and Coatue, Rivian stated.
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