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.

The funding comes with governments around the globe, including in the United States, making the development of electric cars a priority and as the global auto sector accelerates EV production.

"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 had aimed to begin delivering trucks in the middle of this year, but production was delayed due to the pandemic, according to media reports.

People who have ordered a launch edition vehicle should hear from the company in November regarding delivery timing, according to Rivian.

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.

Rivian in January said it raised $2.65 billion in a funding round valuing the company at $26.7 billion.

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.

Related Links
Car Technology at SpaceMart.com

Tweet

Thanks for being here; We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain. With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords. Our news coverage takes time and effort to publish 365 days a year. If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor $5 Billed Once credit card or paypal		SpaceDaily Monthly Supporter $5 Billed Monthly paypal only

Frenzied appetite for India food delivery giant Zomato's IPO
Mumbai (AFP) July 23, 2021
Shares of Indian food delivery giant Zomato soared on its market debut Friday, following a 93.75 billion rupee ($1.3 billion) IPO, the country's biggest this year. Around 30 Indian companies have announced plans to list shares this year, with start-ups attracting billions of dollars in investment even though many are yet to make a profit. Zomato, which counts subsidiaries of Chinese tycoon Jack Ma's Ant Group and Uber among its shareholders, dominates India's booming app-based food-delivery spac ... read more