US electric vehicle maker Rivian on Friday said that it has
raised another $2.5 billion from investors that include Amazon‘s Climate Pledge
Fund as the company gears up to launch a pickup truck.

The startup has raised about $10.5 billion to date. Rivian
did not disclose its valuation in the latest round of funding, where Ford
Motor Company and D1 Capital Partners also backed the firm. The funding comes as
governments around the globe, including in the United States, make the
development of electric cars a priority, mostly due to climate goals, and as
the global auto sector accelerates EV production.

“This infusion of funds from trusted partners allows
Rivian to scale new vehicle programs, expand our domestic facility footprint,
and fuel international product rollout,” chief executive RJ Scaringe said,
AFP reported.

Rivian was aiming to begin delivering trucks in the middle
of this year, but production was delayed due to the pandemic, according to
media reports. The company assured customers who have ordered a launch edition
vehicle that they will be informed about the delivery timings in November.

Rivian models available for order online showed a starting
price of $67,500.

“We are excited to increase our investment in Rivian as
it reaches an inflection point in its commercialization and delivers what we
believe will be exceptional products for customers,” D1 Capital Partners
founder Dan Sundheim said in a release.

Ford early this year ramped up investment in zero-emission
cars and set a goal of having fully electric vehicles make up 40% of volume by
2030.

Rivian in January said it raised $2.65 billion in a funding
round valuing the company at $26.7 billion.

Investors at that time included Amazon’s Climate Pledge Fund
and Fidelity Management and Research, according to Rivian.

Amazon is set to launch its own electric delivery vans
ordered from the startup.