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Ford Invests More Money Into Rivian In Latest Fundraising Round

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As Rivian prepares to launch its R1T pickup and R1S SUV this coming September in very limited quantities, the upstart EV automaker has also been hard at work raising money to support its efforts. Ford has invested heavily in Rivian in recent years, including a $500 million dollar infusion back in 2019, which joins billions more invested by companies including Amazon through multiple fundraising rounds. Now, Ford and Amazon, along with various other entities, have contributed to a new fundraising round that infuses another $2.5 billion in the electric vehicle startup, according to Reuters.

“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 R.J. Scaringe. “This infusion of funds allows Rivian to scale new vehicle programs, expand our domestic facility footprint, and fuel international product rollout.”

Scaringe noted that with this new round of investments, the company has raised a grand total of $10.5 billion thus far. As Ford Authority previously reported, Rivian is aiming to go public as soon as September and is eyeing a $70 billion dollar valuation for its initial public offering (IPO), which is expected to happen later this year.

Just last week, Rivian announced that it is seeking a location for its second U.S.-based assembly plant, which will join the automaker’s existing plant in Normal, Illinois. A decision on the location of that plant is expected in the next two months or so, and the automaker expects to break ground as soon as early 2022. Rivian is seeking a 2,000-acre plot of land on which to build the plant, which will also feature 50 GWh of battery cell production and a product and technology center.

Ford’s initial investment into Rivian was supposed to spawn a Lincoln SUV built on the EV automaker’s Skateboard platform, but last year, Ford canceled the project amid the COVID-19 pandemic. However, as Ford Authority exclusively reported last October, the relationship between the two companies is “going great,” and a future Ford EV riding on the Skateboard platform is still in the works.

We’ll have more on Rivian very soon, so be sure and subscribe to Ford Authority for more Rivian news and continuous Ford news coverage.

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Brett's lost track of all the Fords he's owned over the years and how much he's spent modifying them, but his current money pits include an S550 Mustang and 13th gen F-150.

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Comments

  1. NCEcoBoost

    Total waste of money and risky to boot. Wake up Ford, Americans don’t want EVs and we’re not going to be spoon fed them!

    Reply
    1. Lee

      Absolutely 👌 spot on the point. Y’all probably needn’t worry much…Rivian is headed out on the same sinking ship Lordstown left the dock from.

      Reply
    2. Electrified

      Sorry pal,
      I NEVER thought I’d buy an EV until I saw how fast you can get your money back if you have solar panels on your roof (batteries in the garage are cool too.)
      I was spending $2.20 a gallon on gasoline back in November, pre President Bite-me with a total of $1,000 a month in gasoline expenditures.
      My gasoline costs would be near $2,000 a month now because my driving routine is the same but gasoline costs $4.25 a gallon and climbing.
      This means I’m not spending $24K in gasoline a year, not spending on oil changes, not worrying about my catalytic converter being stolen, don’t have to get it smogged, and don’t sit in line at Costco to fill up.
      I run my house AND my car off of solar panels and battery.
      Divide savings on home electricity and savings on petroleum costs ($26K a year) into the cost of solar panels and an EV and your ROI is a no brainer…
      PLUS my EV will kick your butt off of the line so bad you’ll be signing your pink slip over to me…but don’t worry, I don’t want it.

      Reply
      1. Chris

        Ok, I’m as in on EVs as you, but $2.20 gas and $1000/mo on a car that gets just 20mpg is still 11,000 miles per month. 375 miles 7 days a week. On even the best EV, that’s more than a full charge a day (10+ hours of level 2 charging). Are you sure your math is right?

        Reply
        1. Electrified

          Yes, sir…. 2014 Ford Expedition (7 to 8 miles a gallon) , a pig for sure.
          Tesla wall chargers have a charge rate of 44 to 45 miles of charge per hour on a 60 amp circuit. Super chargers can add 200 miles in 10 to 20 minutes depending on conditions when out on the road, if needed. I have found when the car needs a charge, this old driver needs a stretch and a bathroom break anyway and it works out pretty good.
          Key point here, I didn’t start this venture because of mileage, it started because our electric company would cut our power every time there was a wind event, or high energy demand in our state, sometimes for days, (1 guess which state). After 5 of these in one month, we had had enough and got panels and batteries. The car just made economic sense at that point. But what we discovered was really cool, and battery management was within our acceptable parameters.
          Battery management definitely requires additional planning that some may find undesirable, but your response already demonstrates you would be a perfect candidate… because you know how to think.

          Reply

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