Electric car companies are going to be hot properties if anything Tesla's success has taught us. And on the day, Tesla's valuation crosses the $700 billion mark, one of its rivals in the EV space, Rivian is reportedly in the process of raising more funding at a valuation of $25 billion as per a Bloomberg report. "Several existing Rivian investors are participating in the round, which will raise several billion dollars, the people added, asking not to be identified because the matter is private," says the Bloomberg report.
Rivian which is preparing to launch the R1T and R1S electric trucks has already managed some impressive investors which include an initial round $700 million from Amazon and then another $500 million from Ford. They also added Cox automotive also investing another $350 million in September in 2019. By the time 2019 ended, Rivian already had $1.3 billion in funding but then in 2020, it upped the ante with another $2.5 billion from existing investors and early Tesla investor T. Rowe Price.
So in two years, Rivian has raised over $5 billion in funding which is utterly impressive by any metric. While all this has happened, Rivian's R1T has been all over the place including the Apple TV+ documentary series "the long way up" which featured Star Wars star Ewen Mcgregor.
All of this has happened even before the company has delivered even a single-vehicle. 2021 is the year when that will change. It already has a massive order of 100,000 vehicles from Amazon which is its investor as well.