Plymouth Township’s Rivian today announced an equity investment round of $700 million led by Seattle’s Amazon. The investment comes soon after the introduction of the company’s all-electric R1T pickup and R1S SUV at the Los Angeles Auto Show in November 2018. Other details about the investment were not disclosed.
“This investment is an important milestone for Rivian and the shift to sustainable mobility,” says R.J. Scaringe, founder and CEO of Rivian. “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.”
The R1T and R1S can deliver more than 400 miles of range and offer off-road capability. They use the company’s skateboard platform and will be produced at Rivian’s manufacturing plant in Illinois. Customer deliveries are expected to start in 2020.
“We’re inspired by Rivian’s vision for the future of electric transportation,” says Jeff Wilke, CEO of Amazon Worldwide Consumer. “R.J. 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 and has development centers in California and England. The round also includes participation from existing shareholders.