Rivian has so far raised over $10 billion
The money will go towards expanding new vehicle programs.
Rivian has not been spared the effects of the global mess created by the pandemic. With increasing material costs and the chip shortage, the EV start-up company has had to delay production of the R1T and R1S more than a few times. Despite these setbacks, its investors are all in.
Amazon, Ford Motors, and T. Rowe Price have combined to invest a further $2.5 billion in Rivian. The fresh influx of cash will go towards developing new vehicle programs. Amazon is one of Rivian’s main investors and will have new electric vans in 16 cities later this year. They are part of an order for 100,000 vans made almost two years ago.
“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,” Rivian chief executive RJ Scaringe said in a statement, as reported by Charged.
Just recently, Rivian announced that they intended to open a second assembly facility to complement the existing plant in Normal, Illinois.