Electric vehicle startup Rivian has raised another massive round of funding, this time for $2.5 billion, bringing the total amount raised to date above $10 billion. The funding round comes as Rivian recently confirmed it is looking for a site to build a second factory — one that will also produce batteries for its vehicles — in the United States. The company is currently aiming to roll out its first electric pickup trucks at its existing Illinois facility in September.
The new round was led by Amazon’s Climate Pledge Fund, Ford, D1 Capital Partners and funds advised by T. Rowe Price, each of whom are already investors in Rivian. Amazon and Ford each have their own more than 10 percent of the bustling EV startupstart, and partnering with Rivian on individual vehicles — Rivian builds vans for Amazon and co-develops a vehicle with Ford.
Rivian was set to put its R1T electric pickup and R1S SUV into production in 2020, but was delayed until 2021 after the pandemic hit. A target production start date in June for the pickup shifted to July, before being pushed back to September again. The SUV will now go into production shortly thereafter.
As if getting three vehicles into production at the same time isn’t challenging or expensive enough, Rivian . confirms Reuters this week it is scouting locations for a second assembly plant, wherever it wants to make battery cells. According to the report, multiple states are bidding for the new plant. The company now employs about 7,000 people. Rivian is also working on an IPO, according to several reports.