Michigan-based electric vehicle company Rivian Automotive has confirmed that it has received a $700 million investment. This round of funding was led by Amazon. Existing shareholders also participated in this round of funding. Rumors about this deal surfaced earlier this week and the valuation was pegged at somewhere between $1 and $2 billion.
“This investment is an important milestone for Rivian and the shift to sustainable mobility,” said Rivian Automotive founder and CEO RJ Scaringe in a statement. “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.”
Photo: R1T / Credit: Rivian
Rivian made a big splash when it unveiled its all-electric R1T pickup and R1S SUV at the LA Auto Show in November. The company was operating in stealth mode for several years before that.
The R1T and the R1S delivers more than 400 miles of range and it provides a combination of off-road capability and high performance. The vehicles use a flexible signature skateboard platform. And the platform will be produced at Rivian’s manufacturing plant in Normal, Illinois. And customer deliveries are expected to start in late 2020.
“We’re inspired by Rivian’s vision for the future of electric transportation,” added Amazon’s chief executive of world-wide 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.”
Currently, Rivian has a team of more than 750 people working at its development centers in Plymouth, Michigan; San Jose, California; Irvine, Calif; Surrey, England; and the 2.6-million-square-foot manufacturing plant in Illinois.