The automaker also confirmed that it’s looking for a location for a second electric vehicle factory in the US after the media reported on the pr

Rivian raises $2.5B, confirms it’s looking for second US EV factory location

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2021-07-24 10:00:02

The automaker also confirmed that it’s looking for a location for a second electric vehicle factory in the US after the media reported on the project.

While many EV startups are turning to SPAC deals to raise money these days, Rivian has consistently been able to raise billions of dollars privately from companies like Ford and Amazon, as well as from institutional investors.

Rivian has closed a $2.5 billion private funding round. The financing was led by Amazon’s Climate Pledge Fund, D1 Capital Partners, Ford Motor Company and funds and accounts advised by T. Rowe Price Associates, Inc. This round included participation by Third Point, Fidelity Management and Research Company, Dragoneer Investment Group, and Coatue.

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. This infusion of funds from trusted partners allows Rivian to scale new vehicle programs, expand our domestic facility footprint, and fuel international product rollout.

Unlike most other electric vehicle startups, Rivian has always been focused on production. They purchased a former Mitsubishi plant in Normal, Illinois, before even showing their prototype electric vehicles to anyone.