Rivian Reportedly Plans To Raise More Funding Soon, May Reach $25 Billion Valuation

The next $6 billion funding round would make Rivian one of the best-capitalized new automakers out there

Rivian’s supposed to launch their headlining vehicles, the R1S SUV and R1T pickup, this summer. (Photo: Rivian)

Since it first made a splash at the 2018 LA Auto Show, Rivian’s gathered billions in funding rounds to build its upcoming R1S SUV and R1T pickup. So far, it has yet to put a production model on the ground in large numbers. That should change this summer — at least by the company’s current goals — but not before raising a new round of funding, according to people close to the matter. Bloomberg states in their recent report that several existing investors are taking part, which could pour several billion more dollars into Rivian’s coffers. At the moment, those investors include Amazon and Ford, among several other venture capital groups.

Rivian R1S

Though details have yet to be finalized, the infusion could cement Rivian’s push to launch the first electric pickup on the market. Before the likes of the Tesla Cybertruck, Ford F-150 Electric and Tesla Cybertruck, June 2021 could see the R1S and R1T on the roads. Pressure is on the startup, though, as it splits most of its 3,000-strong team between California and its manufacturing plant in Normal, Illinois. For its part, a company spokesperson said it did not have an announcement to make at this time, but that “we often speak to investors.”

Depending on how much investors put in, the funding round could value Rivian at about $25 billion.

R.J. Scaringe, the company’s CEO, is an alumnus from MIT with a doctorate in mechanical engineering, who founded Rivian back in 2009. More than a decade later, as electric vehicles gain some momentum, his company may fire the first salvo in the EV truck war.

We had the opportunity to get more in-depth with both the R1S and R1T a few months back – you can watch that on TFLnow: