The electric vehicle manufacturer Rivian is undergoing a funding round of approximately $2.5billion. the company announced that Amazon is one of the leading investors in this round of funding.
Amazon is funding the company through its Climate Pledge Fund. This aims at supporting companies that join Amazon’s pledge of net zero carbon by 2040. Amazon has been an investor in earlier rounds of Rivian funding. the company is expected to buy 1,00,000 electric vans from Rivian for its delivery service. This is to be executed by 2030.
RJ Scaringe said that the new funds will allow them to fund new vehicle programs and expand their domestic and international product services. The company is also planning to open new manufacturing plants which is delayed by the pandemic. It was Rivian electric trucks which were employed to transport Amazon founder Jeff Bezos and other crew members of the Blue Origin space venture to and from the launch pad.
Rivian has raised about $10.5 billion till date. The latest round saw investors like D1 Capital Partners, Ford Motor Co., Third Point, Coatue, etc.