Sumary of EXCLUSIVE-Amazon-backed Rivian confirms plan for second U.S. assembly plant:
- com Inc-backed electric vehicle startup Rivian Automotive plans to build a second U.S. assembly plant that will also include battery cell production, according to four people familiar with the matter.
- Scaringe, Rivian’s CEO, introduces his company’s R1T all-electric pickup truck at Los Angeles Auto Show in Los Angeles, California, U.S. November 27, 2018. REUTERS/Mike Blake/File Photo“While it’s early in an evolving process, Rivian is exploring locations for a second U.S. manufacturing facility,” Rivian spokeswoman Amy Mast said on Thursday.
- The typical cost of a new vehicle assembly plant at present is $1 billion or more, while a battery cell production factory is at least $2 billion.
- Automakers are racing to develop EVs as China, Europe and other countries and regions mandate lower carbon emissions.
- In the United States, traditional carmakers like General Motors Co and Ford Motor Co are retrofitting plants for EV production, while Tesla Inc, Taiwanese contract manufacturer Foxconn, and startups including Lucid and Canoo have existing plants or are adding them.
- Rivian will seek a valuation of well over $50 billion in a potential public listing later this year, according to another source familiar with the matter.
- COVID-CAUSED DELAYSRivian, which has raised $8 billion since the start of 2019, had a valuation of $27.6 billion in January after a $2.65 billion investment round led by T.
- Other investors in Rivian include Soros Fund Management, Fidelity, BlackRock Inc and Saudi auto distributor Abdul Latif Jameel Co (ALJ).