Monday, June 17, 2024
NewsRivian Raises Another $2.5 Billion

Rivian Raises Another $2.5 Billion

Despite more production delays for its first vehicle, Rivian is financially poised to develop new products


  • 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.

Rivian R1T yellow
Rivian R1T | Photo: Rivian

“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.

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Matt St-Pierre
Matt St-Pierre
Trained as an Automotive Technician, Matt has two decades of automotive journalism under his belt. He’s done TV, radio, print and this thing called the internet. He’s an avid collector of many 4-wheeled things, all of them under 1,500 kg, holds a recently expired racing license and is a father of two. Life is beautiful. Send Matt an emai

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