The electric truck and SUV startup is adding to an already exceptionally large level of funding ahead of the start of production this year.
Rivian, an electric truck and SUV startup backed by Amazon, is adding to an already exceptionally large level of funding raised ahead of the start of production this year with a fresh infusion of $2.5 billion.
The company, with operations in California, Michigan and Illinois, said the latest round boosts total funding for the private auto manufacturer to at least $10.5 billion—an amount far exceeding any past electric vehicle startup prior to going public. The round was led by Amazon’s Climate Pledge Fund, D1 Capital Partners, Ford and T. Rowe Price.
“As we near the start of vehicle production, it’s vital that we keep looking forward and pushing through to Rivian’s next phase of growth,” CEO RJ Scaringe said.“This infusion of funds from trusted partners allows Rivian to scale new vehicle programs, expand our domestic facility footprint and fuel international product rollout.”a second U.S. assembly plant, in addition to its factory in Normal, Illinois.
, owing to chip shortages that have impacted the global auto industry. The first pickups are now to be delivered in September with SUVs following soon after. Rivian will compete head-to-head with Tesla in the nascent electric pickup space, with its innovative but more traditionally-styled R1T going up against Elon Musk’s hard-edged Cybertruck.
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