Rivian Automotive, the electric truck startup backed by Amazon.com and Ford Motor, said Friday it raised $2.5 billion as it prepares to debut its plug-in pickup and sport-utility vehicle this fall.
The latest round of funding brings the total amount of capital Rivian has raised to $10.5 billion, it said in a statement. The extra cash comes just after the Irvine, California-based automaker revealed a delay in the launch of its new models and as it looks to establish a second factory to boost production.
“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,” Chief Executive Officer R.J. Scaringe said in the statement. “This infusion of funds from trusted partners allows Rivian to scale new vehicle programs, expand our domestic facility footprint, and fuel international product rollout.”
Rivian said the financing was led by Amazon’s Climate Pledge Fund, D1 Capital Partners, Ford and funds and accounts advised by T. Rowe Price. It also included participation by Third Point, Fidelity, Dragoneer Investment Group and Coatue.
“We are excited to increase our investment in Rivian as it reaches an inflection point in its commercialization,” said Dan Sundheim, founder of D1 Capital Partners.
Rivian is planning to sell stock to the public as early as this year and could seek a valuation of as much as $70 billion, Bloomberg has previously reported.
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