Sumary of Amazon-backed Rivian confirms plan for second US assembly plant:
- com Inc-backed electric vehicle startup Rivian Automotive plans to build a second US assembly plant that will also include battery cell production, according to four people familiar with the matter.
- “While it’s early in an evolving process, Rivian is exploring locations for a second US manufacturing facility,” Rivian spokeswoman Amy Mast said on Thursday.
- The typical cost of a new vehicle assembly plant at present is US$1 billion or more, while a battery cell production factory is at least US$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.
- California-based Rivian, also backed by Ford and T Rowe Price, aims to compete when it rolls out its R1T pickup and R1S SUV, as well as a delivery van for Amazon.
- Rivian will seek a valuation of well over US$50 billion in a potential public listing later this year, according to another source familiar with the matter.
- COVID-CAUSED DELAYSRivian, which has raised US$8 billion since the start of 2019, had a valuation of US$27.6 billion in January after a US$2.65 billion investment round led by T.