The electric truck maker Rivian Automotive intends to produce battery cells in-house, showed the content of its application for a U.S. initial public offering on Friday. The company presently obtains batteries from South Korean supplier Samsung SDI.
It own battery cells would be used by it to "supplement third-party cell procurement, which will ensure supply continuity and support our projected expansion", the company mentioned in the filing. Amazon.com Inc and Ford Motor Co are among the investors of the company.
Rivian expects to invest around $8 billion in expanding its manufacturing capacity, as well as battery cell production, and charging networks by the end of 2023, said the company which reported losses of almost $1 billion in the first half of the current year.
"Given the paramount importance and impact of the battery system on vehicle range, performance, and price, we have built in-house capabilities across the entire value chain," Rivian said. The plan includes battery cell development, battery manufacturing expertise, and critical raw materials sourcing.
"Over time, we intend to expand our capabilities related to proprietary cell development and in-house cell manufacturing and expect that these functions will grow substantially in the coming years," it said.
Back in April the year, the company had announced its decision to strike a supply agreement with South Korean battery maker Samsung SDI for the supply of batteries for its R1T pickup and R1S sport utility vehicle.
Back in August, US Senator Dick Durbin of Illinois told reporters that Samsung SDI was also contemplating setting up a battery manufacturing plant in central Illinois which is also the place where one of the factories of Rivian is located.
There were media reports in July this year quoting people with knowledge of the matter about the plans of Rivian to construct a second assembly plant in the United States that will also have the capacity to make battery cells.
(Source:www.usnews.com)
It own battery cells would be used by it to "supplement third-party cell procurement, which will ensure supply continuity and support our projected expansion", the company mentioned in the filing. Amazon.com Inc and Ford Motor Co are among the investors of the company.
Rivian expects to invest around $8 billion in expanding its manufacturing capacity, as well as battery cell production, and charging networks by the end of 2023, said the company which reported losses of almost $1 billion in the first half of the current year.
"Given the paramount importance and impact of the battery system on vehicle range, performance, and price, we have built in-house capabilities across the entire value chain," Rivian said. The plan includes battery cell development, battery manufacturing expertise, and critical raw materials sourcing.
"Over time, we intend to expand our capabilities related to proprietary cell development and in-house cell manufacturing and expect that these functions will grow substantially in the coming years," it said.
Back in April the year, the company had announced its decision to strike a supply agreement with South Korean battery maker Samsung SDI for the supply of batteries for its R1T pickup and R1S sport utility vehicle.
Back in August, US Senator Dick Durbin of Illinois told reporters that Samsung SDI was also contemplating setting up a battery manufacturing plant in central Illinois which is also the place where one of the factories of Rivian is located.
There were media reports in July this year quoting people with knowledge of the matter about the plans of Rivian to construct a second assembly plant in the United States that will also have the capacity to make battery cells.
(Source:www.usnews.com)
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