Rivian’s Future Seems Brighter After Securing $700M Investment Led By Amazon

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.

 

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  • PhilMcGraw

    If anyone has a real shot at competing against Tesla it would be Rivian. Led by an MIT graduate whose been working on this stuff since 2009. It already has the “cool factor” that Tesla lauds itself in having.

  • caddy45

    Wow, this is exciting! I really like the R1S, it’s on my short list for next car. Hopefully this funding helps make this brand seem more viable.

  • Harry_Wild

    Rumor floating around that GM might just buy Rivian outright for a cool $50 billion U.S.

    • Mr. EP9

      They shouldn’t because they’ll ruin it.

      • Rahul Mandala

        Yeah, after all, we all know how stupid GM is with owning certain brands. Thanks GM! Because of you, Saab, Oldsmobile, Pontiac, Hummer, etc. all died.

      • PhilMcGraw

        I doubt they would be able to do it without Amazon or someone else competing for that buyout. I don’t think any car company would let GM just have Rivian without a fight.

    • enthusia

      I highly doubt they are going to spend money they don’t have to buy a startup that has yet to commence production. The only rumor I heard is that GM is looking to use Rivian’s platform for an electric truck.

    • Enter Ranting

      GM ruins everything they touch.

  • Mr. EP9

    Meanwhile with Faraday Future….

  • donald seymour

    Battery operated cars or trucks for that matter are all just vanity items. This technology place us back by a century. Until it can truly compete with ice then it’s just a mere vanity item in my book .

    • TheBelltower

      Since when is the automotive industry not about vanity? If it weren’t, we’d all be driving Corollas.

      • donald seymour

        In that sense then true Bell. But as a totallity when concerning every day use then I would have to disagree with you.

        • TheBelltower

          For road trips over 300 miles, EV’s generally aren’t very good yet. For daily commuter use, EVs are ideal. You don’t miss the maintenance or gas station ritual.

    • Astonman

      It has to start somewhere. I’m sure someone said the same thing about the first car when comparing to horses when there was not a gas station nearby and the horse was faster. It took awhile for ICE vehicles to surpass the horse. We’ve really just started the last 10 years and it has accelerated nicely to catching up to ICE vehicles. You’re at the starting line of something that can be amazing.

  • 700 M is lot… but nothing really here. It might get them strated, but it’s not a promise of a bright future.

  • Blue Gum

    They need to work on their exterior design, it is not appealing.

    • Enter Ranting

      I love it. It’s distinctive, refined and well assembled. It’s modern without being gimmicky and silly, like too many cars on sale now.

  • It’s just great to have new car companies entering the industry and offering new and better technology than the legacy companies; causing the legacy companies to take notice and evolve. It’s exciting times. Consumers are going to be the big winners here. As well as some shareholders.

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