The company is now valued at nearly $28 billion.
The R1S and R1T should begin rolling off the assembly line this year.
Rivian is in an impossibly enviable position. Despite not having yet assembled a full production-ready unit, the Southern-California based EV start-up continues to rake in considerable funds. As we know, the company is backed by the likes of Amazon and Ford, and the hype surrounding their electric trucks is at a boil.
Rivian opened up pre-orders for the R1S SUV and R1T pickup last November. They also announced that they will build a charging network off the beaten path, aimed directly at their target audience. The combination of their battery technology, electric motors, design, and plans make them a shoo-in for investors. What’s more, the well-known Amazon order for 100,000 electric delivery vans certainly indicates that profit margins should be strong. And, that other companies might be interested in the product.
Rivian plans to begin delivering new R1Ts as of June while the R1S will roll off the assembly line come August. The latest round of investments, according to Financial World, allows Rivian to focus on these products and plan for their inevitable growth.