All-electric pickup and SUV company, Rivian announces that it has raised $700 million in an equity investment round led by Amazon.com, Inc. (NASDAQ: AMZN). No further details or specifics of the investment round were provided.
Last November, the company unveiled its electric R1T pickup truck and R1S SUV at the LA Auto Show. Industry experts immediately began to see Rivian as a potential rising star and major competitors to Tesla, Inc. (NASDAQ: TSLA). After the electric truck company’s announcement on February 15, 2019, the dream is beginning to turn to realty.
Rivian announced that customer deliveries for its R1T truck and R1S SUV are estimated to begin in late 2020 and are estimated to deliver “up to 400+ miles of range,” according to the release. Furthermore, the electric vehicles are set to be manufactured at the company’s Normal, Illinois manufacturing facility. The electric truck company employs a team of over 750 people across its facilities in Plymouth, Michigan; San Jose, California; Irvine, California; Surrey, England; and Normal, Illinois. Here is the full press release detailing of the Amazon-led investment round:
Rivian Press Release:
February 15, 2019 – Rivian has announced an equity investment round of $700M led by Amazon. The investment comes on the heels of Rivian’s reveal of the all-electric R1T pickup and R1S SUV at the LA Auto Show last November.
Starting with a clean sheet, Rivian has developed its vehicles with adventurers at the core of every design and engineering decision. The company’s launch products, the R1T and R1S, deliver up to 400+ miles of range and provide an unmatched combination of performance, off-road capability and utility. These vehicles use the company’s flexible skateboard platform and will be produced at Rivian’s manufacturing plant in Normal, Ill., with customer deliveries expected to start in late 2020.
“This investment is an important milestone for Rivian and the shift to sustainable mobility,” said RJ Scaringe, Rivian Founder and CEO. “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.”
“We’re inspired by Rivian’s vision for the future of electric transportation,” said Jeff Wilke, Amazon CEO Worldwide Consumer. “RJ has built an impressive organization, with a product portfolio and technology to match. We’re thrilled to invest in such an innovative company.”
Rivian will remain an independent company. Amazon is leading the round, which includes participation from existing shareholders. Additional details about this investment are not being disclosed at this time.
Rivian is developing vehicles, technology and services that inspire people to get out and explore the world. With a team of more than 750 people, the Company has development centers in Plymouth, Mich.; San Jose, Calif.; Irvine, Calif; and Surrey, England; along with a 2.6-million-square-foot manufacturing plant in Normal, Ill. Rivian will launch the R1T and R1S in the US in late 2020, with introduction to other global geographies starting in 2021. Rivian is now accepting preorders on its R1T and R1S.