Rivian raises further $2.5B as it seeks web page for next US plant

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Rivian previous 7 days declared it elevated $2.5 billion in its most current spherical of funding, bringing the full funding lifted by the electrical-car or truck startup given that 2019 to $10.5 billion.

The important backers in the most up-to-date spherical incorporate Amazon and Ford, equally of which now have considerable stakes in Rivian.

The firm will use the added resources to insert new automobile packages, enter markets exterior of North America, and increase functions in the United States.

Rivian hasn’t in depth designs for the expansion of its operations in the U.S., but a corporation spokeswoman mentioned previous 7 days that Rivian is presently seeking for a site for a 2nd U.S. plant. The responses were in response to a report from Reuters that claimed Rivian designs to make a next U.S. plant for production of each autos and battery cells. Strategies for the second plant are anticipated to be formally declared in the coming months.

Rivian Amazon electric powered shipping and delivery truck

Rivian also ideas to establish a network of charging stations, as very well as a handful of Tesla-model showrooms in key metropolitan areas.

A ton of electric-automobile startups have raised funds by heading community. Rivian so significantly has been tranquil on this issue, though there have been reviews the business is aiming for an preliminary general public providing, maybe as early as September.

Rivian’s present lineup incorporates the R1T pickup truck and connected R1S SUV, as effectively as a shipping and delivery van made completely for Amazon. Rivian in 2019 mentioned it currently had orders for 100,000 units of the shipping and delivery van from Amazon.

Rivian still has not started generation of any of its motor vehicles, with CEO RJ Scaringe in a letter sent to R1T and R1S reservation holders before in July promising to begin manufacturing in September. The cars will be built at Rivian’s current plant in Normal, Illinois, which Rivian obtained from Mitsubishi in 2016.