Amazon is pouring more money into Rivian, as the electric vehicle maker announced Friday that the tech giant was among lead investors in a $2.5 billion financing round.
Amazon made the investment through its Climate Pledge Fund, which is aimed at backing companies that accelerate Amazon’s pledge to be net zero carbon across its businesses by 2040. The company previously backed Rivian in 2019 in rounds of $700 million and $1.3 billion, and it’s planning to buy 100,000 electric vans from the automaker for its delivery fleet.
Amazon said last October that it will have 10,000 custom electric delivery vehicles on the road as early as 2022, and all 100,000 by 2030.
Rivian CEO RJ Scaringe said in a news release that the latest funds will allow Rivian to scale new vehicle programs, expand its domestic facility footprint, and fuel international product rollout.
CNBC reported that Rivian, which operates a plant in Illinois, plans to open a second manufacturing plant in the U.S. Deliveries of the R1T pickup are delayed until September and the R1S until later in the fall because of pandemic-related issues.
Amazon founder Jeff Bezos and his Blue Origin space venture used Rivian electric trucks to carry crew members to the launch pad and pick them up after landing during this week’s suborbital space mission in Texas.
Founded in 2009, Rivian has raised about $10.5 billion to date. The latest round was also led by D1 Capital Partners, Ford Motor Co. and funds and accounts advised by T. Rowe Price Associates, Inc. Third Point, Fidelity Management and Research Co., Dragoneer Investment Group, and Coatue also participated.
Previously:
- With interest in electric trucks on the rise, Rivian gets set for business in Seattle area
- ‘Future of last mile delivery’: Amazon reveals first custom electric delivery vehicle built with Rivian
from GeekWire https://www.geekwire.com/2021/amazon-leads-2-5b-funding-round-rivian-maker-tech-giants-future-electric-delivery-vans/