Rivian raises $2.65 billion in latest round of funding

Rivian raises $2.65 billion in latest round of funding

Electrical automobile startup Rivian has raised $2.65 billion in a brand new spherical of financing. The money injection comes at a time when the corporate’s expenditures are growing within the run-up to the beginning of manufacturing.

Not solely is Rivian working to ship its first automobile, the R1T electrical pickup, to prospects by early June, however two different capital-intensive applications are also underway. Rivian is constructing a community of charging stations all through the nation. And CEO RJ Scaringe instructed Automotive Information Writer Jason Stein in November that the corporate plans to have 41 brick-and-mortar service facilities open earlier than its first autos are delivered.

“Along with these service facilities, we’re constructing a really sturdy community of cell service [providers] that may come to you, what you are promoting or your property,” Scaringe mentioned on Automotive Information’ Each day Drive podcast.

In a statement Tuesday, Rivian mentioned the spherical was led by T. Rowe Value Associates and included Constancy Administration and Analysis Co., Amazon’s Local weather Pledge Fund, Coatue and D1 Capital Companions, in addition to a number of different present and new buyers.

Since 2019, Rivian has raised $eight billion. Ford Motor Co. and Cox Automotive are two of its earlier buyers.

Rivian has three autos deliberate: the R1T, with the $75,000 Launch Version coming into the market first and a $67,500 trim coming later; the $77,500 R1S electrical SUV; and an electrical supply van for Amazon. The R1S is slated to reach later this yr, with a cheaper mannequin coming, in all probability in 2022. Rivian has promised to start out deliveries of the Amazon van subsequent yr. Amazon has ordered 100,000 of the autos, making it the business’s largest order of electrical supply vans to this point.

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