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.