EV start-up Rivian has raised USD2.5 billion, bringing its total funding to date to around USD6 billion, ahead of the launch of its all-electric pickup truck and SUV in early 2021. As much as USD5.35 billion of that has come in the last year and a half alone, with Rivian scooping up big investments from Ford, Amazon and Cox Automotive in 2019.
(The Verge)
Vinay's key takeaways:
- Rivian is setting up its factory at Normal, Illinois, in the US to assemble the R1T electric pickup truck and the R1S SUV, as well as to begin fulfilling its order from Amazon for electric vans.
- The huge influx of money will surely establish Rivian’s position as the best-capitalized EV start-up in the world, supporting its rapid growth. Rivian has six facilities in the US and abroad, and employs around 2,400 people.
- Rivian also has its challenges. Its collaboration with Ford has been put on hold while COVID-19 induced disruptions have delayed the RT1 and RS1 projects.