According to a report by Bloomberg, Rivian is set to raise a new round of funding, which would value the electric vehicle maker at USD25 billion.

Several of Rivian’s current investors are said to be participants in the last funding round, although it wasn’t revealed who they are. Among the company’s key backers include Amazon, T. Rowe Price Group, BlackRock, Soros Fund Management, Coatue, Fidelity Investments and Baron Capital Group.

“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,” said a representative from Rivian. The fresh funds would adds to the USD6 billion that Rivian has already raised to date, making it one of the most well-capitalised EV makers.

The company has already revealed details for its two models, namely the R1T and R1S, with the former being a pick-up truck set to make its way to customers from June this year. This will be followed by the R1S, with deliveries of the SUV spin-off beginning August 2021. To add to the mix, Rivian will also be producing delivery vans for Amazon, with the first units set to hit the roads soon.