Electric vehicle maker Rivian raises another $ 2.5 bln

San Francisco

Electric vehicle maker Rivian said it has raised another $2.5 billion from backers including Amazon’s Climate Pledge Fund as it gears up to bring a pickup truck to market.

The US startup has raised about $10.5 billion to date, and did not disclose the company’s valuation in its latest round of funding, which also included backing from Ford Motor Company and D1 Capital Partners.

The funding comes with governments around the globe, including in the United States, making the development of electric cars a priority and as the global auto sector accelerates EV production.

“This infusion of funds from trusted partners allows Rivian to scale new vehicle programs, expand our domestic facility footprint, and fuel international product rollout,” chief executive RJ Scaringe said in a release.

Rivian had aimed to begin delivering trucks in the middle of this year, but production was delayed due to the pandemic, according to media reports.

People who have ordered a launch edition vehicle should hear from the company in November regarding delivery timing, according to Rivian.

Rivian models available for order online showed a starting price of $67,500. —AFP

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