Just a couple of weeks ago, Ford-backed upstart EV automaker Rivian announced that it was nearing a decision on which location it will choose for its second U.S.-based plant. But that isn’t the only new factory the company is eyeing, as it’s also looking into building a plant in the city of Bristol in the UK, according to a new report from Reuters.
Rivian has been in discussions with the UK government for weeks now, but talks remain in the early stages. According to the report, the automaker would likely receive a rather large support package from the government for the project, which would reportedly involve an investment of around $1.39 billion or more.
This potential expansion is just the latest from Rivian as it prepares to launch its first model – the R1T pickup – this September. Over the last few years, it has raised a total of $10.5 billion via a host of investment rounds. That includes multiple investments from both Ford and Amazon. In addition to a $500 million dollar investment back in 2019, FoMoCo recently announced that it invested $902 million into the automaker that it booked back in Q1 of 2021 as well.
Rivian also plans on raising additional funds by going public as soon as September and is eyeing a $70 billion dollar valuation for its initial public offering (IPO). This, coupled with revenue gained from its investment rounds, will be used to build new plants, scale new vehicle programs, and fund product rollouts, according to the automaker.
Ford’s initial investment into the Rivian was supposed to spawn a Lincoln SUV built on the latter’s Skateboard platform, but Ford canceled that project last year amid the COVID-19 pandemic. However, as Ford Authority exclusively reported last October, the relationship between the two companies is still “going great,” and now, a Ford EV riding on that platform is in development.
SOURCE: FORD AUTHORITY