Rivian announces another major funding haul

Amazon-backed electrical automobile startup Rivian has raised one other $2.65 billion, bolstering its place as one of the well-funded EV startups on the planet.

The funding spherical was led by T. Rowe Value and included Amazon’s Local weather Pledge Fund, Constancy Administration and Analysis Firm, and funding companies Coatue and D1 Capital Companions, together with “a number of different current and new traders,” based on the startup.

It’s onerous to say how a lot Rivian has within the financial institution, provided that it has spent so much already to rent a large staff whereas additionally growing no less than three autos that we all know of. However after this new funding spherical, the EV startup’s conflict chest possible rivals that of China’s Nio, which additionally has billions of {dollars} within the financial institution.

The brand new cash arrives a mere six months after Rivian raised $2.5 billion, and a few 12 months after it raised $1.3 billion. It has now raised greater than $8 billion up to now.

That cash might be essential as Rivian will get able to launch its first two electrical autos later this 12 months, the R1T pickup truck and the R1S SUV. Rivian can be working with Amazon on growing and deploying an electrical supply van, which recently was spotted in the wild.


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