Rivian Automotive Inc., the electric-truck startup backed by Amazon.com Inc. and Ford Motor Co., is close to raising a new round of funding valuing it at about $25 billion, according to people familiar with the matter.
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.
Existing investors in the company include Amazon, T. Rowe Price Group Inc., BlackRock Inc., Soros Fund Management, Coatue, Fidelity Investments and Baron Capital Group.
The funding isn’t finalized and details could still change.
Rivian is developing two battery-electric consumer cars designed to be capable in off-road terrain. The R1T is an electric pickup capable of driving more than 300 miles on a single charge and towing up to 11,000 pounds. The R1S is a bulky SUV also capable of 300 miles on a single charge. Rivian is also developing 100,000 delivery vans for Amazon.
A representative for Rivian said, “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.”
The new funds would add to the $6 billion Rivian has already raised to date, which makes it one of the most-well capitalized electric vehicle makers.
Rivian’s 3,000 employees are split between sites in California, metro Detroit and a production facility in Normal, Ill.
The startup was founded in 2009 by R.J. Scaringe, a Massachusetts Institute of Technology graduate with a doctorate in mechanical engineering. The company moved from Florida to Plymouth in 2015 and last year announced it planned to transfer most of its engineering and product development staff from Plymouth to its battery systems and vehicle dynamics operation in Irvine, Calif.
Deliveries of its first pickup, which are sold out, are due to start in June. If it sticks to that timeline, Rivian has a shot at being the first company to bring a battery electric pickup — one of the most anticipated vehicle categories — to the U.S. market.
Tesla Inc., the incumbent in the EV market, also plans to bring a battery-electric pickup to market by the end of this year. The Elon Musk-led company plans to build the futuristic-looking Cybertruck at a plant it’s building in Austin, Texas.
— With assistance from Gabrielle Coppola.