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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, we have built in-house capabilities across the entire value chain," Rivian said, adding that 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.