Electric truckmaker Rivian, backed by Amazon and Ford, raised $1.3 billion
Creating a new auto company is remarkably capital-intensive, so electric vehicle maker Rivian is bent on accumulating a mountain of cash, ending 2019 with a massive $1.3 billion funding round that includes additional investment from backers Amazon and Ford.
“This investment demonstrates confidence in our team, products, technology and strategy—we are extremely excited to have the support from such strong shareholders,” said RJ Scaringe, Rivian’s founder and CEO. The company’s operations are split between Plymouth, Michigan; San Jose and Irvine, California; Vancouver; and Surrey, England. Production will be centered in Normal, Illinois, where Rivian is refurbishing an auto-assembly plant purchased from Mitsubishi Motors Corp.
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