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Rivian announced that it has closed a $ 2.5 billion investment round with investments from Amazon, Ford and others.
The automaker also confirmed that it is seeking a location for a second electric vehicle plant in the United States after media reports on the project.
As we have often reported in the past, Rivian has been quite phenomenal in raising private capital.
While many EV startups look to SPAC deals for fundraising these days, Rivian has always been able to raise billions of dollars privately from companies like Ford and Amazon, as well as from companies like Ford and Amazon. institutional investors.
Today they announced another $ 2.5 billion private funding round:
Rivian closed a $ 2.5 billion private funding round. Funding was led by Amazon’s Climate Pledge Fund, D1 Capital Partners, Ford Motor Company and funds and accounts advised by T. Rowe Price Associates, Inc. This round included participation from Third Point, Fidelity Management and Research Company, Dragoneer Investment Group and Manteau.
Rivian CEO RJ Scaringe commented on the announcement:
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. This injection of funds from trusted partners enables Rivian to develop new vehicle programs, extend the footprint of our national facilities and fuel the international deployment of products.
At the same time, the automaker confirmed its plans for a second plant in the United States.
Unlike most other electric vehicle startups, Rivian has always focused on production. They bought an old Mitsubishi factory in Normal, Ill., Before they even showed their prototype electric vehicles to anyone.
But that didn’t stop them from having problems getting their vehicles into production.
They announced last week that their first electric vehicle, the R1T electric pickup truck, had been postponed until September.
But it does show you how difficult it is to bring a vehicle into production, and it doesn’t slow down Rivian’s larger expansion plans.
Reuters reported that Rivian is looking for a second plant in the United States and that it will also include the production of battery cells:
Amazon.com Inc-backed electric vehicle start-up Rivian Automotive plans to build a second assembly plant in the United States that will also include the production of battery cells, according to four people familiar with the matter.
Apparently, several specific states and locations are still under investigation, and no clear leader has been reported.
Rivian did not comment on the details, but a spokesperson confirmed he was seeking a location for the automaker’s second plant in the United States:
Although it is at the start of an evolutionary process, Rivian is exploring locations for a second manufacturing plant in the United States. We look forward to working with a supportive and technologically advanced community to create a partnership as strong as the one we have with Normal.
The current Rivian, Illinois plant is rumored to have a capacity of 300,000 vehicles per year.
The automaker plans to build the R1T electric pickup truck, the R1S electric SVu built on the same platform, and its Amazon delivery van on site.
It’s unclear whether the automaker plans to build the same electric vehicles or new vehicle programs at the new location.
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