Rivian announced last week that it had raised $2. 5 billion in its most recent round, bringing the overall funding raised through the vehicle’s start-up from 2019 to $10. 5 billion.
The top funders of the newest cycle come with Amazon and Ford, either of which already has significant stakes in Rivian.
The company will use the additional budget to load new vehicle programs, enter North American outdoor markets and expand its operations in the United States.
Rivian hasn’t detailed plans to expand its U. S. operations, however, a company spokeswoman said last week that Rivian is looking for a location for a moment at a plant in the United States. States for the production of automobiles and battery cells. Plans for the timing of the plant are expected to be officially announced in the coming months.
Rivian Amazon Electric Delivery Truck
Rivian also plans to build a network of charging stations, such as a handful of Tesla-style showrooms in major cities.
Many electric vehicle startups have raised the budget through adaptation to the public. So far, Rivian has remained silent on this issue, there have been reports that the company is aiming for a first public offering, perhaps as early as September.
Rivian’s existing line includes the R1T pickup truck and related R1S SUV, as a pickup pickup evolved exclusively for Amazon, which said in 2019 that it had already ordered 100,000 sets of Amazon’s delivery van.
Rivian has yet to begin production of any of its cars, and CEO RJ Scaringe in a letter sent to R1T and R1S booking holders earlier in July promising to begin production in September. Illinois, which Rivian acquired from Mitsubishi in 2016.