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EV startup Rivian announces $2.5 billion funding round led by Amazon, Ford

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By Ben Klayman

DETROIT (Reuters) -Electric car startup Rivian said on Friday it has closed a $2.5 billion fundraising round led by investors Amazon.com Inc , Ford Motor Co and T. Rowe Price.

The announcement came the day after the California-based company said it was exploring building a second U.S. assembly plant. Reuters, citing unnamed sources, reported on Thursday that Rivian’s planned plant, dubbed “Project Tera,” will include battery cell production.

“As we near the start of vehicle production, it’s vital that we keep looking forward and pushing through to Rivian’s next phase of growth,” Rivian Chief Executive R.J. Scaringe said in a statement.

“This infusion of funds … allows Rivian to scale new vehicle programs, expand our domestic facility footprint, and fuel international product rollout,” he added.

Rivian, which has a plant currently in Normal, Illinois, said it has raised about $10.5 billion to date. It will seek a valuation of well over $50 billion in a potential public listing later this year, a source previously told Reuters.

Automakers are racing to develop EVs as China, Europe and other countries and regions mandate lower carbon emissions. Rivian aims to compete when it rolls out its R1T pickup and R1S SUV, as well as a delivery van for Amazon.

Scaringe said in a letter to customers last week that COVID-19 had delayed the launch of its vehicles. The first deliveries of the R1T, previously slated for July, were pushed to September, while the R1S was delayed to autumn.

Scaringe told Reuters last November that Rivian planned to follow the initial three vehicles with smaller models targeted at China and Europe where it may eventually build vehicles.

In addition to Amazon’s Climate Pledge Fund, Ford and funds managed by T. Rowe Price, Friday’s funding round also was led by D1 Capital Partners. It also included participation by Third Point, Fidelity Management and Research Co, Dragoneer Investment Group and Coatue, Rivian said.

(Reporting by Ben Klayman; editing by Diane Craft and Marguerita Choy)

Image Credit: Reuters

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Source: https://datafloq.com/read/ev-startup-rivian-announces-25-billion-funding-round-led-amazon-ford/16598

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UK PM Johnson to challenge Amazon founder Bezos over company’s tax record- FT

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(Reuters) – British Prime Minister Boris Johnson in a face-to-face meeting will challenge Amazon founder Jeff Bezos over his company’s tax record, the Financial Times reported https://on.ft.com/3nNA2Cz on Sunday.

Concerns surrounding international corporate tax rates for tech giants will be high on the agenda during Johnson’s meeting with Bezos, the newspaper said, citing British officials.

(Reporting by Sabahatjahan Contractor in Bengaluru; Editing by Daniel Wallis)

Image Credit: Reuters

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Source: https://datafloq.com/read/uk-pm-johnson-challenge-amazon-founder-bezos-companys-tax-record-ft/17971

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Big Data

UK PM Johnson to challenge Amazon founder Bezos over company’s tax record- FT

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on

(Reuters) – British Prime Minister Boris Johnson in a face-to-face meeting will challenge Amazon founder Jeff Bezos over his company’s tax record, the Financial Times reported https://on.ft.com/3nNA2Cz on Sunday.

Concerns surrounding international corporate tax rates for tech giants will be high on the agenda during Johnson’s meeting with Bezos, the newspaper said, citing British officials.

(Reporting by Sabahatjahan Contractor in Bengaluru; Editing by Daniel Wallis)

Image Credit: Reuters

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Source: https://datafloq.com/read/uk-pm-johnson-challenge-amazon-founder-bezos-companys-tax-record-ft/17971

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UK seeks to break down digital trade barriers, says minister

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LONDON (Reuters) – Britain will look to break down digital trade barriers to help its businesses export their services, the country’s newly appointed trade minister Anne-Marie Trevelyan will say on Monday.

Britain’s Department for International Trade last week published a report seeking to predict trends in global trade out to 2050 which forecast that demand for digital services will double in the next decade.

“All of us depend on digital trade, yet British businesses face digital barriers in countries who take a protectionist approach,” Trevelyan will say in a virtual speech to London Tech Week, according to advanced extracts released by her office.

“I want the UK to break down these barriers and open up new, exciting opportunities for businesses and consumers so we can see improved productivity, jobs and growth.”

Trade deals typically focus on removing goods trade barriers, but since leaving the European Union, Britain has sought to include agreements on digital trade and common standards in professional services to spur service sector growth.

Trevelyan will use her first speech since taking up the role last week to set out the department’s plan to try to shape international digital policy. This will include establishing cooperation on digital trade via free trade agreements.

Enhanced consumer and intellectual property protections and promoting the development of digital trading systems such as e-contracting are also among the plans Trevelyan will set out.

The department, which said the digital sector contributed 150.6 billion pounds to the UK economy in 2019 and employed 4.6% of the national workforce, also wants to make it simpler and cheaper for businesses which use data to trade internationally by advocating free and trusted cross-border data flows.

(Reporting by Kylie MacLellan; Editing by Nick Macfie)

Image Credit: Reuters

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Source: https://datafloq.com/read/uk-seeks-break-digital-trade-barriers-says-minister/17970

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Big Data

UK seeks to break down digital trade barriers, says minister

Published

on

LONDON (Reuters) – Britain will look to break down digital trade barriers to help its businesses export their services, the country’s newly appointed trade minister Anne-Marie Trevelyan will say on Monday.

Britain’s Department for International Trade last week published a report seeking to predict trends in global trade out to 2050 which forecast that demand for digital services will double in the next decade.

“All of us depend on digital trade, yet British businesses face digital barriers in countries who take a protectionist approach,” Trevelyan will say in a virtual speech to London Tech Week, according to advanced extracts released by her office.

“I want the UK to break down these barriers and open up new, exciting opportunities for businesses and consumers so we can see improved productivity, jobs and growth.”

Trade deals typically focus on removing goods trade barriers, but since leaving the European Union, Britain has sought to include agreements on digital trade and common standards in professional services to spur service sector growth.

Trevelyan will use her first speech since taking up the role last week to set out the department’s plan to try to shape international digital policy. This will include establishing cooperation on digital trade via free trade agreements.

Enhanced consumer and intellectual property protections and promoting the development of digital trading systems such as e-contracting are also among the plans Trevelyan will set out.

The department, which said the digital sector contributed 150.6 billion pounds to the UK economy in 2019 and employed 4.6% of the national workforce, also wants to make it simpler and cheaper for businesses which use data to trade internationally by advocating free and trusted cross-border data flows.

(Reporting by Kylie MacLellan; Editing by Nick Macfie)

Image Credit: Reuters

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://datafloq.com/read/uk-seeks-break-digital-trade-barriers-says-minister/17970

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