December 09, 2022

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Rivian raised $2.5 billion looks for US EV factory 

Rivian raised $2.5 billion

Rivian raised $2.5 billion looks for US EV factory 

Rivian an American electric vehicle automaker and automotive technology company has raised $2.5 billion in investment round with investments from Amazon, Ford, and others.

The company has also confirmed that is looking for a location for a second electric vehicle factory in the US. Rivian has been able to raise billions of funds privately from the companies such as Ford and Amazon.

The startup last week announced that their first EV, the R1T electric pickup truck has been delayed to September. It is looking for a second factory in the US that will also be having battery cell production. The Rivian’s current factory in Illinois has been rumoured to have a capacity for as many as 300,000 vehicles per year.

Rivian automotive last year also has raised another $1.3 billion from the investors led by T.Rowe Price ( mutual fund company) to supports its battery-powered pickup trucks and delivery vans on track for a U.S launch in late 2020.

This will help the startup to handle huge delivery orders which starts in 2021. Rivian is planning to launch its $69,000 R1T pickup truck and $72,500 R1S sport utility vehicle (SUV) in global geographies outside the U.S. starting in 2021.

Rivian CEO RJ Scaringe said 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. This infusion of funds from trusted partners allows Rivian to scale new vehicle programs, expand our domestic facility footprint, and fuel international product rollout.

Also, read related article: Tesla Cybertruck Vs Rivian R1T electric pickup

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