Rivian Automotive Inc. is slowly coming up the ladder as it rises to be one of the top valued electric vehicle-only company which is now near a $25 billion valuation according to insiders and people that knows the company's status. The company's investors have participated in another round of funding for Rivian to continue its ventures and development of its electric pickup and delivery vans.
The American automotive and electric vehicle manufacturer, Rivian Automotive Inc., is becoming more popular and known lately, as investors have been investing a great deal of money in the company during its latest valuation. The 11-year-old company has reached a massive milestone in its innovations, with the R1T Pickup Truck and Amazon Delivery Van already on its working prototypes.
The company is popular for having massive companies back them up in their ventures with the likes of e-commerce giant Amazon (who also gets electric delivery vans from them), and Ford Motor Company. According to Bloomberg, insiders and people who are familiar with the company's value confirmed that it is nearing a massive milestone of $25 billion.
Rivian Valuation: Close to $25 Billion Backed by Industry Leaders
Having the two names above to back-up a company and invest in their products is a massive indication that their technology offers are good enough to be bearing the support. This is what Rivian is to the automotive industry, making it one of the top known electric vehicle company in the world.
Other investors of Rivian include Baron Capital Group, BlackRock Inc., Coatue, Fidelity Investments, Soros Fund Management, and T. Rowe Price Group Inc. Several of these companies are participating in the latest investment round spearheaded by Rivian Automotive, but details are not yet finalized as of now, and would soon change as it officially announces it.
Rivian's Future Innovations
A Rivian representative regarded that it has been focusing on delivering its R1T Electric Pickup, R1S Electric SUV, and special design for Amazon's Electric Delivery Van which is slated for early 2022. Moreover, the company is still in the works to develop an electric "consumer car" that would soon run on a two-battery setup.
Notably, Rivian is aiming to deliver its version of the electric pickup this year, with the R1T being the company's flagship and top-range vehicle that can go up to 300 miles despite carrying 11,000 pounds in cargo. Despite being the most notable on its lineup, Rivian is also putting as much attention to the R1S, which would directly compete against electric SUVs in the market.
Rivian vs. Tesla: Race to 2021's Electric Pickup
According to Electrek, Rivian's value may continue to grow in the succeeding years as it features more EV technology which is highly appealing to the public's taste and interests. The backup from leading companies makes the EV manufacturer a force to be reckoned with, even the popular Tesla that is one of the world's EV leaders.
Tesla's Cybertruck is still a myth from the company, as initial renders and specs are what's known of the company, compared to Rivian's R1T which already nears production-ready status for the electric pickup. This is one of the top competition of Tesla's Cybertruck, which can also be called its rival.
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Written by Isaiah Alonzo