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Rivian raises $2.5B, confirms it’s looking for second US EV factory location

Rivian announced that it closed a $2.5 billion investment round with investments from Amazon, Ford, and others.

The automaker also confirmed that it’s looking for a location for a second electric vehicle factory in the US after the media reported on the project.

As we have often reported in the past, Rivian has been quite phenomenal at raising private capital.

While many EV startups are turning to SPAC deals to raise money these days, Rivian has consistently been able to raise billions of dollars privately from companies like Ford and Amazon, as well as from institutional investors.

Today, they announced a new $2.5 billion private round of funding:

Rivian has closed a $2.5 billion private funding round. The financing was led by Amazon’s Climate Pledge Fund, D1 Capital Partners, Ford Motor Company and funds and accounts advised by T. Rowe Price Associates, Inc. This round included participation by Third Point, Fidelity Management and Research Company, Dragoneer Investment Group, and Coatue.

Rivian CEO RJ Scaringe commented on the announcement:

As we near the start of vehicle production, it’s vital that we keep looking forward and pushing through to Rivian’s next phase of growth. This infusion of funds from trusted partners allows Rivian to scale new vehicle programs, expand our domestic facility footprint, and fuel international product rollout.

At the same time, the automaker has confirmed plans for a second factory in the US.

Unlike most other electric vehicle startups, Rivian has always been focused on production. They purchased a former Mitsubishi plant in Normal, Illinois, before even showing their prototype electric vehicles to anyone.

But it didn’t stop them from running into issues with bringing their vehicles to production.

They announced just last week that their first EV, the R1T electric pickup truck, has been delayed to September.

But that just shows you how hard it is to bring a vehicle to production, and it’s not slowing down Rivian’s broader expansion plans.

Reuters reported that Rivian is looking for a second factory in the US, and that it will also include battery cell production: Inc-backed electric vehicle startup Rivian Automotive plans to build a second US assembly plant that will also include battery cell production, according to four people familiar with the matter.

Apparently, there are still several states and specific locations under consideration, and no clear leader has been reported.

Rivian didn’t comment on the specifics, but a spokesperson did confirm that it is looking for a location for the automaker’s second factory in the US:

While it’s early in an evolving process, Rivian is exploring locations for a second US manufacturing facility. We look forward to working with a supportive, technology-forward community in order to create a partnership as strong as the one we have with Normal.

Rivian’s current factory in Illinois has been rumored to have capacity for as many as 300,000 vehicles per year.

The automaker plans to build the R1T electric pickup truck, the R1S electric SVu built on the same platform, and its Amazon delivery van at the location.

It’s unclear whether the automaker plans to build the same electric vehicles or new vehicle programs at the new location.

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