Rivian Automotive, the electrical truck startup backed by Amazon and Ford, reportedly has raised US$2.65bn in new funding from a gaggle of traders led by T Rowe Worth.
Bloomberg Information mentioned different traders within the spherical included Constancy Investments, Amazon, Pledge Fund, Coatue Administration and D1 Capital Companions, in addition to a number of different present and new traders. The extra funding boosts the overall raised thus far past $8bn.
Bloomberg Information first reported the spherical earlier this month.
Rivian didn’t disclose a valuation, however it was round $27.6bn taking into consideration the brand new funds, in response to a Bloomberg supply.
Rivian will use the funds raised to launch its first electrical autos and increase its enterprise, CEO RJ Scaringe mentioned in a press release cited by Bloomberg.
“This can be a crucial yr for us as we’re launching the R1T, the R1S and the Amazon business supply autos. The assist and confidence of our traders allows us to stay centered on these launches whereas concurrently scaling our enterprise for our subsequent stage of development,” Scaringe mentioned.
Rivian plans to construct two full dimension BEV fashions – an SUV and truck – on the former Mitsubishi automobile plant in Regular, Illinois.
Bloomberg mentioned Rivian was aiming for US deliveries of its R1T pickup to start in June and in August for its R1S SUV. It beforehand deliberate to begin manufacturing in late 2020 however pushed again that date in April resulting from unspecified provide chain points associated to the pandemic.
Rivian was based in 2009 by Scaringe, a Massachusetts Institute of Expertise graduate with a doctorate in mechanical engineering. It now employes greater than 3,000 staff cut up between websites in California, Michigan and Regular, Bloomberg famous.
