EV Startup Rivian Announces $2.5b Funding Round

EV Startup Rivian Announces $2.5b Funding Round

As per the sources, on Friday, electric startup Rivian announced to shut down 2.5 billion fundraising rounds started by Amazon investors, Ford Motor Co. & T. Rowe Price.

This statement from Rivian comes exactly each day after the announcement of the California-based company to explore building a second US factory, sources said.

Furthermore, it had been announced on Thursday that Rivian’s designed plant, designated “Project Tera,” will contain battery cell manufacturing.

RJ Scaringe- Rivian CEO said that “As we near start of auto production, it’s important that we keep looking forward & pushing through to Rivian’s next phase of growth,”.

He further added “This infusion of funds allows Rivian to scale new vehicle programs, extend our domestic facility footprint, & fuel international product rollout,”.

Last week in a letter to customers, Scaringe stated that the delay in the launch of their vehicle is due to COVID-19, the first releases of the R1T, earlier scheduled for July, were moved to September and they pushed the R1S to autumn.

Auto manufacturers are competing to create EVs as China, Europe & other countries require less carbon emissions. Rivian intends to require part when it rolls out its R1T pickup & R1S SUV, as well as a delivery wagon for Amazon.