Amazon Leads $700 Million Investment in Electric Truck Maker Rivian
Amazon leads a massive $700 million funding round for Rivian, the startup behind an all-electric pickup truck and SUV. The company plans to remain independent as it prepares for customer deliveries in late 2020.
Amazon leads a $700 million investment round in Rivian, an electric vehicle startup that unveils its first two models just three months ago. The funding round includes participation from existing shareholders, with ALJ acting as the company's primary investor. Amazon executives express enthusiasm for Rivian's vision, praising the company's product portfolio and innovative technology.
Rivian operates largely in the shadows until its major public reveal at the LA Auto Show in November. Founder RJ Scaringe originally launches the company as Mainstream Motors in 2009 before renaming it and moving operations out of Florida. Today, the growing startup employs more than 750 people across four U.S. development locations and one office in the U.K.
The automaker focuses on bringing its all-electric R1T pickup and R1S SUV to market using a flexible skateboard platform. To support production, Rivian acquires a former Mitsubishi manufacturing plant in Normal, Illinois. Despite the massive new investment from Amazon, Rivian insists it will remain an independent company as it targets late 2020 for initial customer deliveries in the United States.