Ah Rivian, the prodigal electric truck company that has so much pressure on its shoulders. Well, now a lot of that pressure has been taken off, with a giant windfall of financial support from a private round of fundraising.
The company has announced a $2.5 billion chunk of money has been handed over towards bringing the R1 to market. To put that in perspective, they had raised $2.85 billion total until this point, now it’s nearly been doubled.
We know that Amazon has ordered 100,000 of their future delivery trucks, and given money in past rounds of financing as well as this one. Further, Ford has contributed big money to the startup, even though their Lincoln co-development plan was put on ice due to Covid.
With this kind of money, the hype lives on. It would be somewhat foolish to doubt Rivian now, as they are refraining from going public, and handling their product launch with tons of decorum.
In comparison to other electric truck startups (Nikola and Lordstown), Rivian seems the least likely to fail. Not only does their future pickup sparkle in the eyes of potential customers and preorder holders, but so too does the idea of them going public.
If Rivian had an IPO, it would be the hottest stock around. Nikola had a highly criticized IPO recently, which still saw their share-price balloon. Rivian, in contrast, actually looks like they’re going to have a solid and respectable line of battery-electric trucks.