Rivian Automotive Inc., an electric-truck company backed by Ford and Amazon is reportedly close to raising a new round of funding valuing it at around $25 billion.
The funding round is set to have caught the interest of several existing investors, which will consequently raise several billions of dollars, an anonymous source has reported.
The startup already has a list of investors on its books. The existing investors include Amazon, T. Rowe Price Group Inc., BlackRock Inc., Soros Fund Management, Coatue, Fidelity Investments and Baron Capital Group.
“We are focused on delivering the R1T, R1S, and Amazon delivery vehicles in 2021. We often speak to investors, and we have no announcement to make at this time,” a representative of Rivian has stated, further substantiating the confidentiality of the move.
Rivian is currently in the development of two battery-electric consumer cars, which are designed to handle off-road terrain. There is the R1T, an electric pickup that the company claims to be capable of driving more than 300 miles on a single charge and towing up to 11,000 pounds as well as the R1S, a sport utility vehicle built on the same platform.
Rivian has been able to raise $6 billion, with the new funds making it one of the most-well capitalized makers of electric vehicle.
Founded by R.J. Scaringe, a Massachusetts Institute of Technology graduate with a doctorate in mechanical engineering in 2009, the startup has continued to attract the attention of EV enthusiasts and investors across the globe.
According to Rivian, deliveries of its first batch of pickups are already sold out, and buyers are scheduled to start receiving their vehicles from June. If the feat is achieved, Rivian might just be the first company to bring a battery electric pickup — one of the most anticipated vehicle categories — to the U.S. market.
The R1T will be in competition with new and established automakers as it aims at an untested market. While pickups remain bestsellers in the U.S., the market has not shown any clear direction as to the demand for battery-powered trucks.
Tesla Inc. has also announced plans to introduce a battery-electric pickup to market by the end of 2021. The company has revealed plans to build the futuristic-looking ‘Cybertruck’ at a plant in Austin, Texas.
Rivian currently has over 3,000 employees who are split between sites in California, Michigan and a production facility in Normal, Illinois. The company is also 100,000 delivery vans for Amazon.
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