Rivian raises $ 2.5 billion in new financing round led by Amazon, Ford

RJ Scaringe, founder and CEO of Rivian Automotive Inc., unveils the R1T electric pickup truck, lefte R1S electricS sports utility vehicle (SUV) during a revelation event to AutoMobility LA ahead of the Los Angeles Auto Show in Los Angeles, California.

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

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

“As we approach the start of vehicle production, it is essential to keep looking forward and pushing up to Rivian’s next phase of growth, “said RJ Scaringe, CEO of Rivian in a statement, adding that the new funding will go towards expansion new vehicle programs, the footprint of the company’s domestic structure e international product launch.

Financing announcement comes after Rivian on Thursday he said it plans open a second manufacturing plant in the United States Several states in the United States have submitted bids for the structure, internally called “Progetto Tera”. Rivian is expected to announce the implant in in the coming months and start soon next year, Reuters reported, citing familiar sources with the situation.

Rivian already manages a plant in Normal, Illinois, where it means start production on a pick-up fully electric and SUV.

Last week, the company informed buyers that it is delaying deliveries of the R1T pickup until September and the R1S SUV until after in the fall. Scaringe blamed a number of problems related to the pandemic, “from the construction of structures, to equipment installation, a vehicle supply of components (especially semiconductors) “, according to a letter sent to customers.

The delays for retail clients had no impact on Rivian’s plans to provide electric delivery vehicles to its partner and investor Amazon, the company said.

Amazon agreed in from September 2019 to purchase 100,000 electric vehicles from start-up as a part of his ambitious drive to make the Amazon fleet run entirely on renewable energy. The company hopes to test electric vans in 16 cities in the end of 2021.

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