The launch of electric vehicles in Rivian has amassed another massive round of funding, this time with a flow of $ 2.5 billion, which has raised the $ 10 billion mark so far. The financing round comes when Rivian recently confirmed that it is looking for a place to build another plant – which also produces batteries for its vehicles – in the United States. The company currently aims to roll the first electric cars off the line at its current plant in Illinois in September.
The new round was led by funds managed by Amazon’s Climate Pledge Fund, Ford, D1 Capital Partners and T. Rowe Price, each of which is already an investor in Rivian. Amazon and Ford both own more than 10 percent of Buzz EV startup, and we are working with Rivian on separate vehicles – Rivian is building delivery vans for Amazon and developing the vehicle with Ford.
Rivian was scheduled to put the R1T electric car and R1S SUV into production in 2020, but was delayed until 2021 after the pandemic. Nouk’s targeted June production start date dropped to July before it was delayed again until September. The SUV will now go into production sometime soon after.
As if getting three vehicles into production at about the same time is not challenging or expensive enough, Rivian confirmed Reuters this week it is looking for places for another assembly plant, where it also intends to manufacture battery cells. According to the report, several states are bidding on the new facility. The company now employs about 7,000 people. Rivian is also working on a public share issue, according to several reports.