SAN FRANCISCO, Oct 1 (Businesshala) – Electric truck maker Rivian Automotive, which currently sources batteries from South Korean supplier Samsung SDI, plans to manufacture battery cells in-house, its first U.S. initial public offering on Friday. File shown.
The startup, backed by Amazon.com Inc. and Ford Motor Co., said in the filing that its own battery cells “will complement third-party cell purchases that will provide supply continuity and support our anticipated growth.”
Rivian, which disclosed a loss of nearly $1 billion in the first half of the year, said it would spend about $8 billion in capital expenditures by the end of 2023 to invest in additional manufacturing capacity, battery cell production, charging networks and more. sees.
“Given the paramount importance and impact of battery systems on vehicle range, performance and price, we have built in-house capabilities across the entire value chain,” Rivian said. This includes battery cell development, battery manufacturing expertise and critical raw materials. Material Sourcing.
“Over time, we intend to expand our capabilities related to proprietary cell development and in-house cell manufacturing and expect these operations to increase significantly in the coming years.”
Rivian announced in April that it had selected Samsung SDI as the battery supplier for its R1T pickup and R1S sport utility vehicle.
US Senator Dick Durbin of Illinois told reporters in August that Samsung SDI is considering building a battery plant in central Illinois, where a Rivian factory is located.
Businesshala reported in July that Rivian planned to build a second US assembly plant that would also include battery cell production, citing people familiar with the matter.
Rivian rival Tesla Inc. announced plans to make battery cells in-house last year, but Tesla scrapped plans to launch its longest-range Model S Plaid+ sedan with new battery cells earlier this year. (Reporting by Hyunju Jin; Editing by Leslie Adler)