Rivian raises another $2.5 billion as it looks to build a second factory
Electric vehicle startup Rivian has raised another massive round of funding, this time to the tune of $2.5 billion, bringing its total raised to date over the $10 billion mark. The funding round comes as Rivian recently confirmed it’s looking for a location to build a second factory — one that will also produce batteries for its vehicles — in the United States. The company is currently aiming to roll its first electric pickup trucks off the line at its existing factory in Illinois this September.
The new round was led by Amazon’s Climate Pledge Fund, Ford, D1 Capital Partners, and funds advised by T. Rowe Price, each of which are already investors in Rivian. Amazon and Ford each own more than 10 percent of the buzzy EV startup, and are...