Sumary of EXCLUSIVE Amazon-backed Rivian confirms plan for second U.S. assembly plant:
- 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 PhotoDETROIT/WASHINGTON, July 22 (Reuters) – Amazon.
- O)-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.
- “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.
- Samsung SDI Co (006400.KS) supplies battery cells to Rivian.
- O), Taiwanese contract manufacturer Foxconn (2317.TW), and startups including Lucid and Canoo (GOEV.
- 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.