Rivian, an electric pickup and SUV maker, has received $700 million USD in a new round of funding led by Amazon.
According to a new press release, , a startup manufacturer planning to launch an all-electric pickup truck and an electric SUV, has received a $700 million USD equity investment that was led by internet giant Amazon.
Both Amazon and General Motors were in talks to invest in Rivian in a deal that could value the company between $1 billion USD and $2 billion. Both Rivian and Amazon declined to comment on the valuation.
The company is not sharing many details about the investment for now. Rivian founder R.J. Scaringe said in a statement: “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,” Scaringe continued. “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.”
The investment comes on the heels of Rivian unveiling its all-electric R1T pickup and R1S SUV at the Los Angeles Auto Show last November, the company said.
The R1T will have a driving range of up to “400+” miles, depending on which battery pack a buyer chooses. It’s scheduled to launch in November 2020 and will be built at ain Illinois. The R1S, meanwhile, is a seven-seat electric SUV that’ll offer up to 410 miles of range, and it’s set to launch in early 2021.