Venture Capital: Rivian Lands $2.5B; Plans Second EV Plant Including For Batteries
This round followed a $2.65 billion raise in January.
Electric vehicle maker Rivian announced Friday (July 23, 2021) its close of a $2.5 billion funding round led by Amazon’s (NASDAQ: AMZN) Climate Pledge Fund, D1 Capital Partners, Ford Motor Company (NYSE: F), and funds and accounts advised by T. Rowe Price Associates, Inc. Also investing were Third Point, Fidelity Management and Research Company, Dragoneer Investment Group, and Coatue. (CNBC)
The latest round brings Rivian’s cumulative funding to $10.5 billion since 2019. Valuation details were not provided. However, the EV startup was valued at $27.6 billion when it raised $2.65 billion in January.
The company is working on rolling out its R1T pickup (pictured) and R1S SUV, as well as a delivery van for Amazon. The production of the pickup and SUV, originally scheduled for 2020, was delayed to 2021 due to the pandemic. The pickup will enter commercial production in September on current reckoning, and the SUV soon after that.
Rivian already eyeing a second plant
A Reuters report said Thursday that the EV startup was planning to build a second U.S. assembly plant including the production of battery cells. “While it’s early in an evolving process, Rivian is exploring locations for a second U.S. manufacturing facility,” company spokeswoman Amy Mast said to Reuters.
A knowledgeable source also told Reuters that Rivian was planning a public listing this year that could garner a valuation of north of $50 billion.
“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,” said Rivian CEO RJ Scaringe. “This infusion of funds from trusted partners allows Rivian to scale new vehicle programs, expand our domestic facility footprint, and fuel international product rollout.”
“We are excited to increase our investment in Rivian as it reaches an inflection point in its commercialization and delivers what we believe will be exceptional products for customers,” said Dan Sundheim, Founder of D1 Capital Partners.
Related Story: EV Startup Rivian Rakes In $2.65B At A $27.6B Valuation
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