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Electric vehicle startup Rivian is close to raising new funds from existing and new investors at a valuation of $25 billion, according to Bloomberg. Reportedly, the details surrounding the fundraiser haven't yet been finalized.
What Happened: Rivian's current investors include industry bigwigs like the auto company Ford Motor Company (NYSE: F), the tech giant Amazon Inc (NASDAQ: AMZN), and investment management firms like T. Rowe Price Group (NASDAQ: TROW), and BlackRock Inc (NYSE: BLK).
A Rivian representative told Bloomberg that the automaker is presently focused on achieving its delivery targets for R1T, R1S, and Amazon’s delivery vehicles in 2021.
Why Does It Matter: Rivian has raised $5.6 billion to date from 11 investors, according to Crunchbase.
Bloomberg reports that the initial batch of R1T delivery is expected sometime in June this year. The R1T is one of the first battery-powered pickup trucks in the U.S. markets. Supposedly, it can carry 11,000 pounds and drive for approximately 300 miles on a single charge. The startup is said to be making 100,000 Amazon delivery vehicles.
Elon Musk's Tesla Inc (NASDAQ: TSLA) is also working on an electric pickup "Cybertruck" and production is expected to commence by the end of 2021.
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