Electric Vehicle Maker Rivian Raises Another US $ 2.5 Bln
Sumaira FH 2 months ago Sat 24th July 2021 | 09:10 AM
San Francisco, (UrduPoint / Pakistan Point News - 24th Jul, 2021 ) :Electric vehicle maker Rivian on Friday 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.
"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 models available for order online showed a starting price of $67,500.
"We are excited to increase our investment in Rivian as it reaches an inflection point in its commercialization and delivers what we believe will be exceptional products for customers," D1 Capital Partners founder Dan Sundheim said in a release.
Ford early this year ramped up investment in zero-emission cars and set a goal of having fully electric vehicles make up 40 percent of volume by 2030.
Investors at that time included Amazon's Climate Pledge Fund and Fidelity Management and Research, according to Rivian.
Amazon is set to launch its own electric delivery vans ordered from the startup.