Electric truck maker Rivian raises $2.65 billion in latest round of funding

Electric powered car or truck startup Rivian has elevated $2.65 billion in a new round of funding. The funds injection comes at a time when the company’s expenditures are increasing in the operate-up to the get started of generation.

Not only is Rivian doing the job to provide its initial car or truck, the R1T electric pickup, to consumers by early June, but two other cash-intense plans also are underway. Rivian is building a network of charging stations in the course of the nation. And CEO RJ Scaringe explained to Automotive Information Publisher Jason Stein in November that the business options to have forty one brick-and-mortar assistance centers open in advance of its initial cars are delivered.

“In addition to those assistance centers, we are building a really strong network of cell assistance [suppliers] that will come to you, your small business or your house,” Scaringe stated on Automotive News’ Every day Push podcast.

In a statement Tuesday, Rivian stated the round was led by T. Rowe Price Associates and bundled Fidelity Management and Exploration Co., Amazon’s Local weather Pledge Fund, Coatue and D1 Money Companions, as properly as a number of other current and new traders.

Considering the fact that 2019, Rivian has elevated $eight billion. Ford Motor Co. and Cox Automotive are two of its earlier traders.

Rivian has a few cars planned: the R1T, with the $seventy five,000 Launch Edition moving into the current market initial and a $67,five hundred trim coming later the $77,five hundred R1S electric SUV and an electric shipping van for Amazon. The R1S is slated to get there later this calendar year, with a considerably less high priced design coming, in all probability in 2022. Rivian has promised to get started deliveries of the Amazon van following calendar year. Amazon has purchased a hundred,000 of the cars, earning it the industry’s greatest purchase of electric shipping vans to date.

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