Electric car maker rivian receives $2.5 billion cash injection

Electric car maker rivian receives $2.5 billion cash injection

In the latest round of funding, US electric car manufacturer Rivian has raised $2.5 billion. Rough funders of this round include the Amazon Climate Pledge Fund, as well as U.S. investment firm D1 Capital and automaker Ford Motor, Rivian announced Friday. In total, Rivian has received about $10.5 billion from investors since 2019.

In addition to the aforementioned three investors, investment firms T. Rowe Price Associates, Third Point, Fidelity Management and Research Company and Dragoneer Investment Group contributed to the funding. Rivan’s CEO RJ Scaringe said that the start of car production is imminent. Rivian already has a plant in the U.S. state of Illinois, and another is planned. Construction is scheduled to begin in 2022. The new money will be used to launch new vehicle programs, increase and expand the company’s domestic presence, and promote international product launches.

Electric trucks

As recently as January 2021, Rivian had received $2.65 billion from investors in a funding round. In contrast to the financing round that has now been completed, however, it was not Amazon’s Climate Pledge Fund that was the driving force, but T. Rowe Price Associates. Amazon is particularly involved with Rivian, which has developed its own electric van for Amazon. By 2022, Rivian 10.000 of these transporters for Amazon, by 2030 there should be 100.000 vehicles. Amazon also intends to use this to improve its carbon footprint.

Rivian builds electric transporter for Amazon

Electric car maker rivian receives $2.5 billion cash injection

Alexa tells driver where to go.

Rivian also has two all-electric trucks in its lineup: the R1T pickup and the R1S SUV. The R1T, which Rivian unveiled in November 2018, could compete with Tesla’s Cybertruck. Tesla had accused Rivian of purposefully poaching employees and sued in July 2020. Rivian is said to be seeking to obtain trade secrets in this way. Rivian rejected Tesla’s accusations as baseless.

Electropickup Rivian R1T

Electric car maker rivian receives $2.5 billion cash injection

Rivian had unveiled the R1T electric pickup truck in November 2018.

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