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Rivian Closes $2.5B Funding Round, Plans Second U.S. Factory
Electric vehicle maker Rivian has closed a $2.5-billion private funding round, led by Amazon’s Climate Pledge Fund, D1 Capital Partners, Ford Motor Company and funds and accounts advised by T. Rowe Price Associates. Completion of the funding round coincides with the Irvine, CA-based company’s announcement that it planned to build a second U.S. manufacturing facility, joining its current one in Normal, IL.
“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,” said Rivian CEO RJ Scaringe. “This infusion of funds from trusted partners allows Rivian to scale new vehicle programs, expand our domestic facility footprint, and fuel international product rollout.”
Reuters reported that multiple states are bidding for the second assembly plant. The Normal facility, which spans 3.3 million square feet, is expected to begin producing pickup trucks in September.
- ◦Financing
