Rivian Closes $2.5 Billion Funding Round Led by Amazon, Ford and More
Electric automaker Rivian announced on Friday it has closed a $2.5 billion USD funding round, led by Amazon’s Climate Pledge Fund, D1 Capital Partners, Ford Motor Company and funds and accounts advised by T. Rowe Price Associates, Inc.
Others in this private funding round included Third Point, Fidelity Management and Research Company, Dragoneer Investment Group, and Coatue.
“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,” said Rivian CEO RJ Scaringe, in an issued statement to Tesla North.“This infusion of funds from trusted partners allows Rivian to scale new vehicle programs, expand our domestic facility footprint, and fuel international product rollout.”
Back in January of this year, Rivian closed a $2.65 billion funding round. To date, Rivian has raised approximately $10.5 billion to date.
Earlier today, Rivian CEO RJ Scaringe shared a clip of the company’s upcoming RS1 SUV climbing up a steep grade in Moab, Utah.
— RJ Scaringe (@RJScaringe) July 23, 2021
Earlier this week, Rivian confirmed it’s seeking a location for a second plant in the United States, while the company also plans to expand its charger network to all Tennessee state parks.
Rivian’s R1T electric pickup truck has been delayed, with deliveries now set for September.