Rivian, an SUV and the electric truck startup, has received $2.5 billion in additional funding from Amazon.
With operations in California, Michigan, and Illinois, the company said that the latest round brings the total funding for the private manufacturer of automobiles to at least $10.5billion. This amount is far more significant than any other electric vehicle startup before going public. T. Rowe Price, D1 Capital Partners (Amazon Climate Pledge Fund), Ford, and D1 Capital Partners led the round.
RJ Scaringe CEO stated, “As we approach the start vehicle production, we need to keep looking forward and pushing through Rivian’s next stage of growth.”
The news comes one day after Rivian announced that it plans to add another U.S. assembly facility to its Normal, Illinois factory. The company confirmed the report and said it looked into locations for the new facility, called “Project Tera.” Rivian is also believed to be contemplating a public listing, possibly as soon as this year.
The company informed its customers that the R1T pickups had been delayed due to chip shortages. Pickups will be delivered in September. SUVs will follow soon.
Rivian will face off against Tesla in the rapidly growing electric pickup market. Rivian’s more traditional R1T will take on Elon Musk’s Cybertruck. Rivian’s branding connects its models with healthy outdoor activities at pristine beaches, mountains, that gamers can use to enter post-apocalyptic settings.
Rivian’s revenue stream will be impacted by Amazon’s purchase of 100,000 electric delivery vehicles in the early years.
Third Point, Fidelity Investment Group, Dragoneer Investment Group, and Coatue are also investors in the new round.