- October 2, 2021
- Posted by: Stratford Team
- Category: Business
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SAN FRANCISCO – Electric truck maker Rivian Automotive, which currently sources batteries from South Korean supplier Samsung SDI, plans to build battery cells in-house, its filing for a U.S. initial public offering showed on Friday.
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The startup, backed by Amazon.com Inc and Ford Motor Co, said in the filing that its own battery cells would “complement third-party cell procurement which will provide supply continuity and support our anticipated growth.”
Rivian, which disclosed losses of nearly $1 billion in the first half of the year, said it sees capital expenditure of approximately $8 billion through the end of 2023 to invest in additional manufacturing capacity, battery cell production, charging networks and others.
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“Given the paramount importance and impact of the battery system on vehicle range, performance, and price,…