Rivian raises $ 2.5 billion ahead of electric truck launch
Rivian, the electric truck startup, announced Friday that it has closed a $ 2.5 billion private funding round, bringing its total capital raised to date to $ 10.5 billion.
Why is this important: The money will help fund the company’s next phase of growth, including a second assembly plant in the United States that will also include the production of battery cells. Reuters first reported installation scheduled for Thursday.
- The private funding comes as many other electric vehicle startups fund growth by merging with publicly traded shell companies.
Details: Current backers, including Amazon’s Climate Pledge Fund, D1 Capital Partners, Ford Motor Company, and funds and accounts advised by T. Rowe Price Associates, led the final round.
- Third Point, Fidelity Management and Research Company, Dragoneer Investment Group and Coatue Management also participated.
What they say : “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,” said Rivian CEO RJ Scaringe.
- “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. “
What to watch: Rivian recently delayed the launch of its long-awaited R1T electric van and R1S SUV until this fall, blaming “the cascading impacts of the pandemic”, in particular a global shortage of semiconductor chips.