Rivian raises 275.3 billion yen to start production of EV pickup trucks | GLM

Rivian raises 275.3 billion yen to start production of EV pickup trucks | GLM

Read more from Author Rachel Maga here: https://globelivemedia.com/author/rachel-maga/

Rivian has raised $ 2.65 billion to start production of all-electric pickup trucks this summer. This round, led by funds and individuals advised by T. Rowe Price Associates Inc, includes Fidelity Management and Research Company, Amazon’s Climate Pledge Fund, Coatue, D1 Capital Partners, and other existing and new investors. Participated.

Rivian is currently valued at $ 27.6 billion, according to sources familiar with the round.

It will be a time of funding for Rivian. The company is designing, developing, producing and delivering two models for consumers (R1T pickup truck and R1S SUV). It is also building an electric vehicle charging network and is supporting 100,000 delivery vans ordered by Amazon.

“With the support and trust of our investors, we can continue to focus on launching our vehicles while expanding our business for the next growth,” said RJ Scaringe, founder and CEO of Rivian. (RJ Scaringe) said in a statement.

The funding follows a significant two-year investment move that began in earnest after the company unveiled its electric SUVs and pickup trucks at the 2018 LA Auto Show.

Just a few months after the announcement, Rivian announced a $ 700 million round led by Amazon. After that, ford’s contribution of 500 million dollars (about 51.9 billion yen), further investment and collaboration promises in future EV programs continued. In September 2019, Cox Automotive invested $ 350 million (about 36.4 billion yen). Rivian announces a $ 1.3 billion round led by funds and individuals advised by T. Rowe Price Associates Inc, with participation from funds managed by Amazon, Ford Motor Company and BlackRock. The year was closed.

The inflow of funds did not stop in 2020. Rivian announced in July 2020 that it had raised $ 2.5 billion in rounds led by funds and individuals advised by T. Rowe Price Associates Inc. Along with existing shareholders Amazon and BlackRock, new investors such as Soros Fund Management LLC, Coatue, Fidelity Management and Research Company and Baron Capital Group also participated in the round.

Since the beginning of 2019, Rivian has raised $ 8 billion in funding.

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Rivian Factory in Normal, Illinois (Image Credit: Rivian)

Rivian hasn’t hidden the use of those funds. The company has poured over $ 1 billion into its Normal plant in Illinois. The plant, which once produced Mitsubishi’s Eclipse through a joint venture between Mitsubishi and Chrysler Corporation, has been completely refurbished and expanded.

According to Rivian, the 3 million-square-foot factory is on schedule but has not yet been completed. The test line is up and running, producing certified prototypes of R1T pickup trucks daily.

Rivian also plans to produce Amazon’s delivery vans at the plant. The first delivery to Amazon is expected in the second half of 2021.

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Rachel Maga
Rachel Maga is a technology journalist currently working at Globe Live Media agency. She has been in the Technology Journalism field for over 5 years now. Her life's biggest milestone is the inside tour of Tesla Industries, which was gifted to her by the legend Elon Musk himself.