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Amazon.com Inc (NASDAQ:AMZN)- and Ford Motor Co-backed (NYSE:F)-backed electric vehicle startup Rivian is partnering with South Korean manufacturing company Samsung SDI Co Limited to secure batteries for its upcoming launches, according to TechCrunch. The two companies didn't disclose details of the deal.
What Happened: Samsung SDI already supplies battery cells to other automakers and has a $3.2 billion, 10-year agreement with the BMW Group.
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Rivian, which plans to launch its first electric vehicles R1T pickup truck and R1S SUV this summer said it had been working with Samsung SDI throughout the vehicle development process.
The electric vehicle startup likes to call its upcoming launches "adventure vehicles" and said they require a battery module and pack that can handle extreme temperatures and durability use cases.
Rivian has raised about $8 billion since the beginning of 2019 and is valued at $27.6 billion. The EV maker is said to be eyeing the possibility of a September initial public offering at a $50 billion valuation.
See Also: In The EV Revolution The Battery Will Be The Key Competitive Differentiator
Why It Matters: Battery is going to play a key differentiator in the electric vehicle race. Automakers are relying on different strategies and partners to achieve similar goals - long range and small packs at lower costs.
Tesla Inc (NASDAQ:TSLA) for instance currently makes batteries in partnership with Japan's Panasonic at its $5 billion Nevada factory. It also has South Korea's LG Chem and China's CATL as suppliers for its Shanghai factory.
General Motors Co (NYSE:GM) last month partnered with lithium metal battery developer SolidEnergy Systems, a Singapore-based company with operations in Boston, to make a high-capacity electric vehicle battery by 2023. The US automaker is already building a second EV battery factory in the US with its partner LG Chem.
South Korea’s LG Chem and its rival SK Innovation Co also are also suppliers of electric vehicle batteries in the U.S. for Ford Motor Company (NYSE:F) and Volkswagen Group (OTC:VWAGY).
Price Action: Shares of Amazon closed 0.21% higher at $3379.39 on Monday.
Photo: Courtesy of Rivian
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.