American automaker and automotive technology company Rivian Automotive have announced a $700 million investment round that is to be led by multinational technology giant Amazon.
News of the investment arrive following Rivian’s initial reveal for their upcoming all-electric R1T pickup and R1S SUV at the Los Angeles Auto Show last November, two incredible vehicles that both sport absolutely astonishing 400-mile ranges. At the time of their unveiling, Rivian CEO and founder RJ Scaringe commented on the company’s design philosophy, stating:
“They may have different form factors, they may be different sizes, but every single one of [our products] has to have this Patagonia-like feel of enabling adventure. We want to keep that very sharp. We want to focus only on the adventure space, so customers understand what we stand for.”
Amazon has seemingly taken quite the interest in Rivian following the reveals of their upcoming vehicles, as the multi-billion dollar company plans to invest a whopping $700 million dollars into the automaker. While Amazon is no stranger to the electric vehicle market as evident by their recent $530 million investment in autonomous vehicle startup Aurora, we’d be lying if we said news of another sizable investment so soon didn’t surprise us.
Jeff Wilke, Amazon CEO Worldwide Consumer, commented on the recent announcement, stating:
“We’re inspired by Rivian’s vision for the future of electric transportation. RJ has built an impressive organization, with a product portfolio and technology to match. We’re thrilled to invest in such an innovative company.”
Scaringe went on to add:
“This investment is an important milestone for Rivian and the shift to sustainable mobility. 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.”
According to Rivian, customer deliveries for the R1T and R1S are expected to begin in late 2020.
Source: Cision
