Rivian is an Amazon–backed electric truck and SUV start-up. The funds it has raised before starting production this year are already very large, with a new capital injection of US $ 2.5 billion.––––
The company has operations in California, Michigan and Illinois. The company said the latest round has brought the private automaker’s total funding to at least $ 10.5 billion, an amount far more than anything before the list of electric car startups. This funding round was led by Amazon’s Climate Pledge Fund, D1 Capital Partners, Ford, and T. Rowe Price.––—
CEO RJ Scaringe said: “As we approach the start of car production, we must continue to look forward to and drive Rivian’s next phase of growth, which is crucial,” said CEO RJ. Scaringe. The new automobile plan expands the presence of our national facilities and promotes the introduction of international products. The news of the
comes a day after reports that Rivian intends to add a second American assembly plant to its factory in Normal,–––– Illinois. The company appears to have confirmed this story and said it is reviewing the location of the additional facility called “Project Tera.” ––––In addition to a lot of fundraising, Rivian is reportedly considering going public starting this year as well.
This month, the company notified its initial customers that delivery of R1T pickup trucks and R1S SUVs was delayed due to chip shortages affecting the global auto industry. –––––The first trucks will be delivered in September and the SUV will be delivered soon.
Rivian will take on Tesla in the emerging field of electric trucks, and its innovative yet more traditional R1T styling will compete with Elon Musk’s mighty Cybertruck. The Rivian brand associates its models with healthy outdoor–––– activities in pristine mountains, beaches and winter scenes, while Cybertruck is more like a futuristic military vehicle, built for gamers and enters an apocalyptic environment similar to the Terminator.
Like consumer trucks and SUVs, Rivian’s revenue stream should benefit from the 100,000 electric delivery trucks ordered by Amazon in the early stages.––––
The new round of additional investors includes Third Point, Fidelity, Dragoneer Investment Group and Coatue.–––