Rivian has pulled in around $10.5 billion from investors so far.
Electric startup Rivian just closed another round of fundraising, led by investors including Ford, Amazon, T. Rowe Price and others. Those firms already infused some capital into the company. Now, though, Rivian announced it brought in more capital as it reportedly aims to build out a second manufacturing plant, dubbed “Project Tera”.
“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 CEO RJ Scaringe in a company statement. “The infusion of funds allows Rivian to scale new vehicle programs, expand our domestic facility footprint, and fuel international product rollout.” So far, Reuters notes that Rivian has pulled in more than $10 billion in funding, and is aiming for a $50 billion initial valuation in a possible public listing (IPO) later this year.
Right now, Rivian’s immediate success depends on its ability to roll out the R1S SUV and R1T pickup. Customers are anxiously awaiting retail deliveries, while the company is also under pressure to build an electric delivery van for Amazon. While Rivian says it is clearing the hurdles to start production, Scaringe recently announced the company’s July production date would slide back to September. That may still see it as the first company with a mass-volume electric truck, but time is already short as rivals across the industry ramp up their own EV investment and production.
According to Rivian, this latest funding round came from Amazon’s Climate Pledge Fund, D1 Capital Partners, Ford Motor Company and accounts advised by T. Rowe Price Associates. Other participants included Third Point, Fidelity Management and Research Company, Dragoneer Investment Group and Coatue.