Plymouth’s EV startup Rivian announces $2.5bn funding round led by Amazon, Ford

by   |  VIEW 1320

Plymouth’s EV startup Rivian announces $2.5bn funding round led by Amazon, Ford

Late on Friday, Rivian, the Plymouth, Michigan-headquartered American electric vehicle startup, said in a statement that it had completed a $2.5 billion fundraising campaign led by some of its top investors such as T. Rowe Price, Ford Motor Co alongside Inc among others.

On top of that, Rivian’s latest fundraising campaign that valued the 12-year-old e-vehicle startup at around $10.5 billion came forth a day after the Illinois-based company had told that it had been brewing off an option to construct a second US assembling plant.

Alongside this, a press agency report had quoted one of the unnamed sources as saying on Thursday that Rivian’s second US assembling plant, named as ‘Project Tera,’ would produce e-vehicle battery cells, too.

Meanwhile, addressing to a step-up in efforts to bring in new vehicle programs alongside an expansion of domestic facilities, Rivian Chief Executive R. J. Scaringe said in a statement late on Friday, “As we near the start of vehicle production, it’s vital that we keep looking forward and pushing through to Rivian’s next phase of growth.

This infusion of funds ... allows Rivian to scale new vehicle programs, expand our domestic facility footprint, and fuel international product rollout”.

Rivian raises $2.5 billion in latest fundraising campaign

In tandem, the Plymouth-headquartered EV startup that was being valued at roughly $10.5 billion thus far as beforemtioned, would likely to seek a market valuation of over $50 billion following its slated mega-IPO later this year, a source familiar with the issue had unveiled on condition of anonymity given the scale of sensitivity of the issue.

As Rivian’s recent fundraising campaign sought to draw in more scalability into its assembling line with addition of e-vehicle cells production, automakers across the globe are rushing in to R&D of EVs as a number of G20 nations including the US, EU alongside China had been stiffening up legislations to lower carbon emissions.