R.J. Scaringe, Rivian's CEO, introduces his company's R1T all-electric pickup truck at Los Angeles Auto Show in Los Angeles, California, U.S

EV startup Rivian announces $2.5 bln funding round led by Amazon, Ford

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2021-07-24 02:30:02

R.J. Scaringe, Rivian's CEO, introduces his company's R1T all-electric pickup truck at Los Angeles Auto Show in Los Angeles, California, U.S. November 27, 2018. REUTERS/Mike Blake/File Photo

DETROIT, July 23 (Reuters) - Electric car startup Rivian said on Friday it has closed a $2.5 billion fundraising round led by investors Amazon.com Inc (AMZN.O), Ford Motor Co (F.N) and T. Rowe Price.(TROW.O)

The announcement came the day after the California-based company said it was exploring building a second U.S. assembly plant. Reuters, citing unnamed sources, reported on Thursday that Rivian's planned plant, dubbed "Project Tera," will include battery cell production. read more

“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 R.J. Scaringe said in a statement.

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

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