Amazon leads $700 million investment in electric truck startup Rivian
The secretive Electric truck startup Rivian has been in the news lately. With millions of gas guzzlers on the roads, Rivian believes it can reduce the Carbon dioxide emissions into the atmosphere, lower the carbon footprint and also make money doing good. Rivian wants to turn adventure vehicles–typically gas guzzlers–into fully electric cars. Late last year, the Plymouth, Michigan-based Rivian emerged from stealth mode with half a billion dollars in funding.
Today, Rivian announced it has raised additional $700 in equity investment round led by Amazon. The investment comes on the heels of Rivian’s reveal of the all-electric R1T pickup and R1S SUV at the LA Auto Show last November.
Founded in 2009 by Robert J. Scaringe, Rivian is the world’s first electric adventure vehicles. The company is developing vehicles, technology and services that inspire people to get out and explore the world. Rivian is an automotive technology company that develops products and services to advance the shift to sustainable mobility. With a team of more than 750 people, Rivian has development centers in Plymouth, Mich.; San Jose, Calif.; Irvine, Calif; and Surrey, England; along with a 2.6-million-square-foot manufacturing plant in Normal, Ill. Rivian plans to launch its R1T pickup truck and R1S sport utility in the U.S. in 2020, and begin introducing them overseas in 2021. Rivian is now accepting preorders on its R1T and R1S.
Starting with a clean sheet, Rivian has developed its vehicles with adventurers at the core of every design and engineering decision. The company’s launch products, the R1T and R1S, deliver up to 400+ miles of range and provide an unmatched combination of performance, off-road capability and utility. These vehicles use the company’s flexible skateboard platform and will be produced at Rivian’s manufacturing plant in Normal, Ill., with customer deliveries expected to start in late 2020.
“This investment is an important milestone for Rivian and the shift to sustainable mobility,” said RJ Scaringe, Rivian Founder and CEO. “Beyond simply eliminating compromises that exist around performance, capability and efficiency, we are working to drive innovation across the entire customer experience. Delivering on this vision requires the right partners, and we are excited to have Amazon with us on our journey to create products, technology and experiences that reset expectations of what is possible.”
“We’re inspired by Rivian’s vision for the future of electric transportation,” said Jeff Wilke, Amazon CEO Worldwide Consumer. “RJ has built an impressive organization, with a product portfolio and technology to match. We’re thrilled to invest in such an innovative company.”
Rivian will remain an independent company. Amazon is leading the round, which includes participation from existing shareholders. Additional details about this investment are not being disclosed at this time.