Rivian, an electric vehicle startup, raises $2.5 billion in funding from Amazon, Ford, and other investors
Rivian, an electric vehicle startup, has raised $2.5 billion in funding from Amazon, Ford, and other investors. This is the largest funding round in the company's history and brings its total funding to over $5 billion.
The investment is a significant boost for Rivian, which plans to launch its first electric vehicle, the R1T pickup truck, later this year. The R1T is designed to compete with established pickup truck brands like Ford and General Motors, but with a focus on sustainability and technology.
Rivian's CEO, RJ Scaringe, said in a statement, "This investment demonstrates confidence in our team, products, technology, and strategy. We are exceptionally well-positioned to lead in the massive global transition to a more sustainable mobility."
Amazon, which led the funding round, has previously ordered 100,000 electric delivery vans from Rivian and plans to have 10,000 of them on the road by 2022. Ford, which has been working with Rivian on developing a new electric vehicle, also participated in the funding round.
The additional funding will help Rivian expand its operations and accelerate production of its electric vehicles. The company plans to build a second manufacturing facility in the United States and is also exploring international expansion.
The investment in Rivian is the latest in a series of moves by major companies to embrace electric vehicles and sustainability. Automakers like General Motors and Volkswagen are investing billions in electric vehicle production, while companies like Amazon and Walmart are moving to electrify their delivery fleets.
The growing interest in electric vehicles is driven by both environmental concerns and the potential for cost savings as battery technology improves and production scales up. As more companies invest in electric vehicles and infrastructure, the shift towards a more sustainable transportation system is expected to accelerate.