Plymouth, Michigan – Electric truck and SUV company Rivian has raised $700 million from online retail giant Amazon and several of its existing investors. The investment comes following Rivian's reveal of the all-electric R1T pickup and R1S SUV at the LA Auto Show in November.
Missing from Friday’s funding announcement was word of money from General Motors. Financial news outlets had reported the nation’s largest automaker was going to be part of the funding package, but Rivian officials said Amazon was the only company announcing involvement.
Rivian has developed a skateboard-like chassis that can house a pickup bed or SUV body, allowing the manufacturer to share many parts between its first two vehicles. The R1T and R1S, deliver up to 400 miles of range. The flexible skateboard platform and the two vehicles will be produced at Rivian's manufacturing plant in Normal, Illinois, 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. "
"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."