{"id":133206,"date":"2021-07-23T21:27:45","date_gmt":"2021-07-23T21:27:45","guid":{"rendered":"https:\/\/precoinnews.com\/?p=133206"},"modified":"2021-07-23T21:27:45","modified_gmt":"2021-07-23T21:27:45","slug":"ev-startup-rivian-announces-2-5-billion-funding-round-led-by-amazon-ford","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/ev-startup-rivian-announces-2-5-billion-funding-round-led-by-amazon-ford\/","title":{"rendered":"EV startup Rivian announces $2.5 billion funding round led by Amazon, Ford"},"content":{"rendered":"
FILE PHOTO: R.J. Scaringe, Rivian’s CEO, introduces his company’s R1T all-electric pickup truck at Los Angeles Auto Show in Los Angeles, California, U.S. November 27, 2018. REUTERS\/Mike Blake\/File Photo<\/figcaption>

DETROIT (Reuters) -Electric car startup Rivian said on Friday it has closed a $2.5 billion fundraising round led by investors Amazon.com Inc , Ford Motor Co and T. Rowe Price.<\/p>\n

The announcement came the day after the California-based company said it was exploring building a second U.S. assembly plant. Reuters, citing unnamed sources, reported on Thursday that Rivian\u2019s planned plant, dubbed \u201cProject Tera,\u201d will include battery cell production.<\/p>\n

\u201cAs we near the start of vehicle production, it\u2019s vital that we keep looking forward and pushing through to Rivian\u2019s next phase of growth,\u201d Rivian Chief Executive R.J. Scaringe said in a statement.<\/p>\n

\u201cThis infusion of funds … allows Rivian to scale new vehicle programs, expand our domestic facility footprint, and fuel international product rollout,\u201d he added.<\/p>\n

Rivian, which has a plant currently in Normal, Illinois, said it has raised about $10.5 billion to date. It will seek a valuation of well over $50 billion in a potential public listing later this year, a source previously told Reuters.<\/p>\n

Automakers are racing to develop EVs as China, Europe and other countries and regions mandate lower carbon emissions. Rivian aims to compete when it rolls out its R1T pickup and R1S SUV, as well as a delivery van for Amazon.<\/p>\n

Scaringe said in a letter to customers last week that COVID-19 had delayed the launch of its vehicles. The first deliveries of the R1T, previously slated for July, were pushed to September, while the R1S was delayed to autumn.<\/p>\n

Scaringe told Reuters last November that Rivian planned to follow the initial three vehicles with smaller models targeted at China and Europe where it may eventually build vehicles.<\/p>\n

In addition to Amazon\u2019s Climate Pledge Fund, Ford and funds managed by T. Rowe Price, Friday\u2019s funding round also was led by D1 Capital Partners. It also included participation by Third Point, Fidelity Management and Research Co, Dragoneer Investment Group and Coatue, Rivian said.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

FILE PHOTO: R.J. Scaringe, Rivian’s CEO, introduces<\/p>\n","protected":false},"author":3,"featured_media":133205,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23054],"tags":[],"yoast_head":"\nEV startup Rivian announces $2.5 billion funding round led by Amazon, Ford - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/markets\/ev-startup-rivian-announces-2-5-billion-funding-round-led-by-amazon-ford\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EV startup Rivian announces $2.5 billion funding round led by Amazon, Ford - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"FILE PHOTO: R.J. 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