E-commerce giant Amazon will lead a $700 million equity investment round in EV start-up Rivian, following the unveiling of its electric R1T pickup truck and R1S SUV at the Los Angeles Auto Show in November.
Both vehicles are said to deliver up to 400+ (643+ km) miles of range, while also providing an “unmatched combination of performance, off-road capability and utility.” The two are scheduled to enter production at Rivian’s manufacturing plant in Normal, Illinois, with deliveries expected in late 2020.
“This investment is an important milestone for Rivian and the shift to sustainable mobility,” stated the company’s founder and CEO, RJ Scaringe. “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.”
As of right now, the only details being made official regarding the investment are that Rivian will remain an independent company and that existing shareholders are also part of the process. We also don’t have an exact valuation for the company, although recent reports have them at between $1 billion and $2 billion, according to Reuters.
“We’re inspired by Rivian’s vision for the future of electric transportation,” said Amazon CEO Worldwide Consumer, Jeff Wilke. “RJ has built an impressive organization, with a product portfolio and technology to match. We’re thrilled to invest in such an innovative company.”
GM not included in this round
A Rivian spokesperson told Autonews that Amazon is one of two investors in this first round, the other being the electric car brand’s long-term partner ALJ. Earlier this week, a Reuters source said that General Motors is contemplating about acquiring a stake in Rivian, which could still happen later on.