Electric vehicle maker Rivian raised $2.5B at an undisclosed valuation. The round was led by existing investors Amazon, Ford, and T. Rowe Price. Rivian was valued at $27.6B following a $2.65B funding round in January.
- Rivian has raised $10.7B since its inception in 2009.
- In May, Bloomberg revealed Rivian is targeting a $70B valuation during its IPO, which could occur later this year.
- The company has one manufacturing plant in Illinois and last week said it would open another one at an undisclosed location in the U.S.
- Earlier this month, Rivian announced it would delay deliveries of its R1T pickup and R1S SUV until the fall due to COVID-19 related issues such as semiconductor shortages.
- In 2019, Amazon ordered 100,000 electric delivery vans, and Rivian is scheduled to deliver 10,000 of them by next year.
- Amazon has already begun testing the vans in Los Angeles and San Francisco.
- The e-commerce giant will roll them out in 14 additional U.S. cities later this year.