Rivian ($RIVIAN) is fully loaded, like many of us tend to get around this time of year.
But, for Rivian, the US-based maker of electric autos, it's good news. The electric truck startup has raised still $1.3 billion more as it aims to take on Elon Musk and his super-charged Cybertruck in 2020.
Rivian's $1.3 billion fundraising this week wasn't even the first billion it's taken on board this year. The startup took on $1.5 billion in 2019 in three prior fundraisings, that also saw investors like T. Rowe Price, Amazon, Ford and Blackrock enter its capital structure.
And, all that funding is showing up in the job postings - data reflects a 412% increase in job postings across most of 2019 for Rivian as it scales up to challenge Tesla - and a slew of legacy automakers eager to horn in on the electric car space. With Tesla ($NASDAQ:TSLA) shares hovering around all-time highs, it's no wonder institutional and legacy backers are eager to support Rivian.
Every now and again there's a job posting so cool we're sharing it not because it's a data point, but because it sounds like something Marty McFly might've encountered in Back to the Futures II and III. And, "Propulsion Engineering" certainly fits that bill - up nearly 150% since we began tracking the data.
Rivian isn't posting more jobs because it's having a tough time filling them, we can track in our final chart. The company's pace of hiring is about equal in its two biggest US locations (California and Michigan - not shown) - and overall, LinkedIn ($NASDAQ:MSFT) headcount rose more than 150% in 2019.
Expect that as it continues to put cash to work, each of these charts will continue to gain momentum - but it remains to be seen how long Rivian's billions, and its backers, will keep betting on electric trucks. Thanks to Tesla's trajectory, it could be a long-term bet for Rivian investors - and each of them has sufficiently deep pockets to continue doubling down on the truck disruptor.
About the Data:
Thinknum tracks companies using the information they post online - jobs, social and web traffic, product sales and app ratings - and creates data sets that measure factors like hiring, revenue and foot traffic. Data sets may not be fully comprehensive (they only account for what is available on the web), but they can be used to gauge performance factors like staffing and sales.